# EDGAR Filing Document

**Accession Number:** 0001879016
**File Stem:** 0001140361-26-015947
**Filing Date:** 2026-4
**Character Count:** 336417
**Document Hash:** 0ea1359c792434d62d795b1337af3869
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-015947.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001140361-26-015947

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260604

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivanhoe Electric Inc.
- **CENTRAL INDEX KEY:** 0001879016
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 320633823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41436
- **FILM NUMBER:** 26880519

**BUSINESS ADDRESS:**
- **STREET 1:** 450 E RIO SALADO PARKWAY
- **STREET 2:** SUITE 130
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** 520-610-4784

**MAIL ADDRESS:**
- **STREET 1:** 450 E RIO SALADO PARKWAY
- **STREET 2:** SUITE 130
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

?xml version='1.0' encoding='ASCII'?

#### **TABLE OF CONTENTS**

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 14A

#### Proxy Statement Pursuant to Section 14(a) of the

#### Securities Exchange Act of 1934

#### (Amendment No.)
Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** 

&nbsp;&nbsp;&nbsp;&nbsp;☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material Pursuant to § 240.14a-12

### Ivanhoe Electric Inc.

#### (Name of Registrant as Specified In Its Charter)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### (Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):

&nbsp;&nbsp;&nbsp;&nbsp;☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

------

#### **TABLE OF CONTENTS**
![](ny20062456x1_cover.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

### LETTER TO OUR STOCKHOLDERS
![](ivanhoe_logo.jpg)

April 21, 2026

#### Dear Stockholder:
You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the "Annual Meeting") of Ivanhoe Electric Inc. ("Ivanhoe Electric" or the "Company") on June 4, 2026, at 9:30 A.M. Mountain Standard Time (MST). The Annual Meeting will be held in the AC Meeting Room, AC Hotel Phoenix Tempe/Downtown, 100 East Rio Salado Parkway, Tempe, AZ 85281.

We hope you can join us for the Annual Meeting. As a stockholder, your participation in the affairs of Ivanhoe Electric is important, regardless of the number of shares you hold. Therefore, whether or not you are able to attend the Annual Meeting, please vote your shares as soon as possible by following the instructions provided in the Notice of Internet Availability, or if you hold your shares through a bank, broker or other financial intermediary, by following the instructions provided by the financial intermediary. If you decide to attend the Annual Meeting, you will be able to vote at the meeting even if you have previously voted.

Our Notice of the 2026 Annual Meeting of Stockholders, proxy statement for the Annual Meeting, and 2025 Annual Report are available on our corporate website at *www.ivanhoeelectric.com*. On April 21, 2026, we mailed our stockholders a notice containing instructions on how to access these materials and how to vote their shares. The notice provides instructions on how you can request a paper copy of these materials by mail, by telephone or by email. If you requested your materials via email, the email contains voting instructions and links to the materials on the Internet.

On behalf of the Board of Directors, we would like to express our appreciation for your continued interest in Ivanhoe Electric.

Sincerely yours,

*/s/ Robert Friedland* 

#### Robert Friedland

#### Executive Chairman of the Board of Directors
*/s/ Taylor Melvin* 

#### Taylor Melvin

#### President and Chief Executive Officer
450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281

TEL: (480) 656-5821

https://www.ivanhoeelectric.com

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS**  | ![](ivanhoe_logo.jpg)<br>|

---

The 2026 Annual Meeting of Stockholders of Ivanhoe Electric Inc. will be held:

---

| | | |
|:---|:---|:---|
| *9:30 A.M.*<br>*Mountain Standard Time* | *AC Meeting Room, AC Hotel Phoenix* <br>*Tempe/Downtown* <br>*100 East Rio Salado Parkway*<br>*Tempe, AZ 85281* | *Thursday* <br>*June 4, 2026* |

---

At the Annual Meeting, stockholders will be asked to vote on the following proposals and to conduct any other business properly brought before the meeting:

---

| | |
|:---|:---|
|  | **Our Board's** <br>**Recommendation**  |
| **Proposal One — Election of Directors: The election of nine directors for terms to expire in 2027.** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20062456x999_icon4-new.jpg) FOR**  |
| **Proposal Two — Non-Binding, Advisory Vote to Approve Executive Compensation: To seek an advisory vote on the approval of our executive compensation.** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20062456x999_icon4-new.jpg) FOR**  |
| **Proposal Three — Ratification of Auditors: To ratify the appointment of Deloitte LLP, as our independent registered public accounting firm for the fiscal year ending December 31, 2026.** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20062456x999_icon4-new.jpg) FOR** |

---

**Record Date: You are entitled to vote at the Annual Meeting and any adjournment thereof if you were a stockholder at the close of business on April 7, 2026.** 

#### Annual Report: Our 2025 Annual Report is a part of our proxy materials being made available to you.
We utilize a U.S. Securities and Exchange Commission rule that allows companies to furnish their proxy materials over the Internet rather than in paper form. We believe that this delivery process will reduce our environmental impact and over time lower the costs of printing and distributing our proxy materials. We believe that we can achieve these benefits with no impact on our stockholders' timely access to this important information. If you have received our Notice of Internet Availability of Proxy Materials (the "Notice") and you would prefer to receive proxy materials (including a proxy card) in printed form by mail or electronically by email, please follow the instructions contained in the Notice.

Whether or not you plan to attend the Annual Meeting, please vote your shares as soon as possible by telephone, via the Internet or by completing, dating, signing and returning a proxy card (as instructed in the Notice) to ensure your shares are voted, or, if you hold your shares in street name, by following the instructions provided by your bank, broker or other financial intermediary. Submitting your proxy now will not prevent you from voting your shares at the Annual Meeting if you desire to do so, as your proxy is revocable at your option.

By Order of the Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*/s/ Cassandra Joseph*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cassandra Joseph**

*General Counsel and Corporate Secretary*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

April 21, 2026

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page  |
| [GENERAL INFORMATION](#tGI) | &nbsp;&nbsp;&nbsp;[1](#tGI) |
| [ABOUT IVANHOE ELECTRIC INC.](#tAIE) | &nbsp;&nbsp;&nbsp;[5](#tAIE) |
| [ENVIRONMENTAL, SOCIAL AND GOVERNANCE](#tESA) | &nbsp;&nbsp;&nbsp;[5](#tESA) |
| [PROPOSAL 1 - ELECTION OF DIRECTORS](#tPROP1) | &nbsp;&nbsp;&nbsp;[6](#tPROP1) |
| [BOARD OF DIRECTORS AND CORPORATE GOVERNANCE](#tBD) | &nbsp;&nbsp;&nbsp;[7](#tBD) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Director Nominees](#tBD1) | &nbsp;&nbsp;&nbsp;[7](#tBD1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[The Board of Directors](#tBD2) | &nbsp;&nbsp;&nbsp;[8](#tBD2) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Arrangements or Understandings](#tBD3) | &nbsp;&nbsp;&nbsp;[11](#tBD3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Family Relationships](#tBD4) | &nbsp;&nbsp;&nbsp;[11](#tBD4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors Leadership Structure](#tBD5) | &nbsp;&nbsp;&nbsp;[11](#tBD5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Director Independence](#tBD6) | &nbsp;&nbsp;&nbsp;[11](#tBD6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Diversity](#tBD7) | &nbsp;&nbsp;&nbsp;[11](#tBD7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors' Role in Risk Oversight](#tBD8) | &nbsp;&nbsp;&nbsp;[11](#tBD8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Committees of the Board of Directors](#tBD9) | &nbsp;&nbsp;&nbsp;[12](#tBD9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Meetings and Attendance](#tBD10) | &nbsp;&nbsp;&nbsp;[14](#tBD10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Code of Business Conduct and Ethics](#tBD11) | &nbsp;&nbsp;&nbsp;[14](#tBD11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation Committee Interlocks and Insider Participation](#tBD12) | &nbsp;&nbsp;&nbsp;[14](#tBD12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Communication with the Board of Directors](#tBD13) | &nbsp;&nbsp;&nbsp;[14](#tBD13) |
| [NON-EMPLOYEE DIRECTOR COMPENSATION](#tBD14) | &nbsp;&nbsp;&nbsp;[14](#tBD14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-Employee Director Equity Compensation Policy](#tBD15) | &nbsp;&nbsp;&nbsp;[14](#tBD15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fiscal Year 2025 Non-Employee Directors Compensation Table](#tBD16) | &nbsp;&nbsp;&nbsp;[15](#tBD16) |
| [PROPOSAL 2 – NON-BINDING, ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION](#tPROP2) | &nbsp;&nbsp;&nbsp;[16](#tPROP2) |
| [COMPENSATION DISCUSSION AND ANALYSIS](#tCDA) | &nbsp;&nbsp;&nbsp;[17](#tCDA) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Roles of the Compensation and Nominating Committee and Management](#tCDA1) | &nbsp;&nbsp;&nbsp;[17](#tCDA1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Annual Compensation Cycle and Decision-Making Process](#tCDA2) | &nbsp;&nbsp;&nbsp;[18](#tCDA2) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Equity Compensation](#tCDA3) | &nbsp;&nbsp;&nbsp;[18](#tCDA3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2022 Long Term Incentive Plan Awards](#tCDA7) | &nbsp;&nbsp;&nbsp;[19](#tCDA7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Short Term Incentive Awards](#tCDA8) | &nbsp;&nbsp;&nbsp;[19](#tCDA8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[PSU Program Design](#tCDA9) | &nbsp;&nbsp;&nbsp;[19](#tCDA9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation Risk Management](#tCDA4) | &nbsp;&nbsp;&nbsp;[20](#tCDA4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Executive Compensation Evaluation](#tCDA5) | &nbsp;&nbsp;&nbsp;[20](#tCDA5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Employee Benefits](#tCDA6) | &nbsp;&nbsp;&nbsp;[20](#tCDA6) |
| [REPORT OF THE COMPENSATION AND NOMINATING COMMITTEE OF THE BOARD OF DIRECTORS](#tRTC) | &nbsp;&nbsp;&nbsp;[21](#tRTC) |
| [COMPENSATION POLICIES AND PRACTICES](#tCPA) | &nbsp;&nbsp;&nbsp;[21](#tCPA) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Stock Ownership Policy for Executives Officers and Non-Employee Directors](#tCPA1) | &nbsp;&nbsp;&nbsp;[21](#tCPA1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Clawback Policy](#tCPA2) | &nbsp;&nbsp;&nbsp;[21](#tCPA2) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Insider Trading Compliance Policy](#tCPA3) | &nbsp;&nbsp;&nbsp;[22](#tCPA3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Anti-Hedging Securities](#tCPA4) | &nbsp;&nbsp;&nbsp;[22](#tCPA4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Anti-Short Sales and Anti-Margins](#tCPA5) | &nbsp;&nbsp;&nbsp;[22](#tCPA5) |
| [EXECUTIVE OFFICERS](#tEO) | &nbsp;&nbsp;&nbsp;[23](#tEO) |

---

------

---

| | |
|:---|:---|
| [EXECUTIVE COMPENSATION](#tEC) | &nbsp;&nbsp;&nbsp;[26](#tEC) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fiscal Year 2025 Summary Compensation Table](#tEC1) | &nbsp;&nbsp;&nbsp;[26](#tEC1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Executive Employment Agreements](#tEC2) | &nbsp;&nbsp;&nbsp;[27](#tEC2) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fiscal Year 2025 Grants of Plan-Based Awards Table](#tEC3) | &nbsp;&nbsp;&nbsp;[28](#tEC3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Restricted Stock Unit Grants](#tEC4) | &nbsp;&nbsp;&nbsp;[29](#tEC4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Stock Unit Grants](#tEC20) | &nbsp;&nbsp;&nbsp;[29](#tEC20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Stock Option Grants](#tEC5) | &nbsp;&nbsp;&nbsp;[29](#tEC5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fiscal Year 2025 Outstanding Equity Awards Table](#tEC6) | &nbsp;&nbsp;&nbsp;[30](#tEC6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fiscal Year 2025 Option Exercises and Stock Vested Table](#tEC7) | &nbsp;&nbsp;&nbsp;[31](#tEC7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Potential Payments Upon Termination or Change in Control](#tEC8) | &nbsp;&nbsp;&nbsp;[31](#tEC8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2025 Potential Payments on Termination Table](#tEC9) | &nbsp;&nbsp;&nbsp;[33](#tEC9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[CEO Pay Ratio](#tEC10) | &nbsp;&nbsp;&nbsp;[35](#tEC10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Pay Versus Performance](#tEC11) | &nbsp;&nbsp;&nbsp;[36](#tEC11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Relationship Between Compensation Actually Paid and Total Shareholder Return](#tEC21) | &nbsp;&nbsp;&nbsp;[37](#tEC21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Relationship Between Compensation Actually Paid and Net Income](#tEC22) | &nbsp;&nbsp;&nbsp;[37](#tEC22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Relationship Between Total Shareholder Return and Peer Group Total Shareholder Return](#tEC23) | &nbsp;&nbsp;&nbsp;[38](#tEC23) |
| [EQUITY INCENTIVE PLANS OF THE COMPANY](#tEC24) | &nbsp;&nbsp;&nbsp;[38](#tEC24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Long Term Incentive Plan](#tEC12) | &nbsp;&nbsp;&nbsp;[38](#tEC12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Ivanhoe Electric Inc. Equity Incentive Plan](#tEC13) | &nbsp;&nbsp;&nbsp;[40](#tEC13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[VRB Energy, Inc. Stock Option Plan](#tEC14) | &nbsp;&nbsp;&nbsp;[41](#tEC14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[VRB Energy USA Inc. 2025 Stock Option Plan](#tEC25) | &nbsp;&nbsp;&nbsp;[41](#tEC25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Cordoba Minerals Corp. Amended Stock Option Plan](#tEC15) | &nbsp;&nbsp;&nbsp;[41](#tEC15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Cordoba Minerals Corp. Amended Long Term Incentive Plan](#tEC16) | &nbsp;&nbsp;&nbsp;[41](#tEC16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Kaizen Discovery Inc. Stock Option Plan and Kaizen Discovery Inc. Long Term Incentive Plan](#tEC17) | &nbsp;&nbsp;&nbsp;[41](#tEC17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Computational Geosciences Inc. Amended & Restated 2011 Incentive Stock Option Plan](#tEC18) | &nbsp;&nbsp;&nbsp;[42](#tEC18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Securities Authorized for Issuance Under Long Term Incentive Plan Table](#tEC19) | &nbsp;&nbsp;&nbsp;[42](#tEC19) |
| [PROPOSAL 3 - RATIFICATION OF THE APPOINTMENT OF THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tPROP3) | &nbsp;&nbsp;&nbsp;[43](#tPROP3) |
| [RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tRWI) | &nbsp;&nbsp;&nbsp;[44](#tRWI) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fees and Services of Deloitte LLP](#tRWI1) | &nbsp;&nbsp;&nbsp;[44](#tRWI1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Audit Committee Pre-Approval Policies and Procedures](#tRWI2) | &nbsp;&nbsp;&nbsp;[44](#tRWI2) |
| [REPORT OF THE AUDIT COMMITTEE](#tRTA) | &nbsp;&nbsp;&nbsp;[44](#tRTA) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRA) | &nbsp;&nbsp;&nbsp;[46](#tCRA) |
| [OWNERSHIP OF THE COMPANY](#tOOT) | &nbsp;&nbsp;&nbsp;[49](#tOOT) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Security Ownership of Certain Beneficial Owners and Management](#tSOC) | &nbsp;&nbsp;&nbsp;[49](#tSOC) |
| [DELINQUENT SECTION 16(a) REPORTS](#tDS16) | &nbsp;&nbsp;&nbsp;[50](#tDS16) |
| [OTHER MATTERS](#tOT) | &nbsp;&nbsp;&nbsp;[50](#tOT) |

---

------

### GENERAL INFORMATION

#### HOUSEHOLDING OF PROXY MATERIALS
Some brokers and other nominee record holders may be participating in the practice of "householding" proxy statements. This means that only one copy of this proxy statement may have been sent to multiple stockholders in a stockholder's household. The Company will promptly deliver a separate copy of the proxy statement to any stockholder who contacts the Company's Corporate Secretary by writing to Ivanhoe Electric Inc., 450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281, or by calling (480) 656-5821. If a stockholder is receiving multiple copies of this proxy statement at the stockholder's household and would like to receive a single copy of the proxy statement for a stockholder's household in the future, the stockholder should contact his or her broker, other nominee record holder, or the Company's Corporate Secretary to request mailing of a single copy of this proxy statement.

#### THE COMPANY'S WEBSITE
In addition to the information about the Company contained in this proxy statement, information about the Company can be found on its website located at *www.ivanhoeelectric.com* including information about its management team, products and services and its corporate governance practices. The content on the Company's website is available for information purposes only, and should not be relied upon for investment purposes, and is not deemed to be incorporated by reference into this proxy statement.

#### THE COMPANY'S PRINCIPAL EXECUTIVE OFFICE
The Company's principal executive office is located at 450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281.

#### ANNUAL REPORT AND OTHER SEC FILINGS
**Our 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K are available on our corporate website *www.ivanhoeelectric.com* under the "Investors—Reports and Filings" tab. These and other U.S. Securities and Exchange Commission ("SEC") filings, including this proxy statement, are also available on the SEC's website at *www.sec.gov*. The Company will provide, without charge, to any person upon written request or telephone call a copy of any of our SEC filings. All such requests should be directed to our Corporate Secretary, Ivanhoe Electric Inc., 450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281, or by calling (480) 656-5821.** 

#### QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND THE 2026 ANNUAL MEETING OF STOCKHOLDERS

---

| | |
|:---|:---|
| ***Q:***<br>| ***When and where is the 2026 Annual Meeting of Stockholders?***  |

---

A: The 2026 Annual Meeting of Stockholders (the "Annual Meeting") of Ivanhoe Electric Inc. ("Ivanhoe Electric," the "Company," "we," "our," or "us," as the context requires) will be held on June 4, 2026, at 9:30 A.M. Mountain Standard Time (MST).

The Annual Meeting will be held in person in the AC Meeting Room, AC Hotel Phoenix Tempe/Downtown, 100 East Rio Salado Parkway, Tempe, AZ 85281.

---

| | |
|:---|:---|
| ***Q:***<br>| ***Why is the Company providing these proxy materials?***  |

---

---

| | |
|:---|:---|
| A:<br>| The Board of Directors is soliciting proxies on behalf of the Company to be voted at the Annual Meeting. When we ask for your proxy, we must provide you with a proxy statement and other proxy materials that contain certain information specified by law and other information.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***What proxy materials are being made available to stockholders?***  |

---

A: The proxy materials consist of: (1) the Notice of 2026 Annual Meeting of Stockholders; (2) this proxy statement; and (3) the Company's 2025 Annual Report (the "2025 Annual Report").

If you request printed versions of the proxy materials by mail, these proxy materials will also include the proxy card or voting instruction form for the Annual Meeting.

---

| | |
|:---|:---|
| ***Q:***<br>| ***Why did I receive a Notice of Internet Availability of Proxy Materials (the "Notice") in the mail regarding the Internet availability of proxy materials instead of a full set paper copy of the proxy materials?***  |

---

---

| | |
|:---|:---|
| A:<br>| We are utilizing a U.S. Securities and Exchange Commission ("SEC") rule that allows companies to furnish their proxy materials over the Internet rather than in paper form. This rule allows a company to send some or all of its stockholders a Notice regarding Internet availability of proxy materials. Instructions on how to access the proxy materials over the Internet may be found in the Notice. If you have received a Notice and you would prefer to receive the proxy materials in printed form by mail or electronically by email, please follow the instructions contained in the Notice.  |

---

The SEC rules that allow us to furnish our proxy materials over the Internet rather than in paper form do not require us to do so for all stockholders. We may choose to send certain stockholders the Notice, while sending other stockholders a full set paper copy of our proxy materials.

---

| | |
|:---|:---|
| ***Q:***<br>| ***When were the proxy materials first sent or made available to stockholders?***  |

---

---

| | |
|:---|:---|
| A:<br>| The Notice was first mailed to stockholders on or about April 21, 2026. Once the Notice is received, stockholders have the option of (1) accessing the proxy materials, including instructions on how to vote, online or by phone; or (2) requesting that the proxy materials be sent to the stockholder in printed form by mail or electronically by email. Opting to receive your proxy materials online will save the Company the cost of printing and mailing documents to your home or business and will also give you an electronic link to the proxy voting site.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***How can I access the proxy materials over the Internet?***  |

---

---

| | |
|:---|:---|
| A:<br>| The Notice contains instructions on how to view the proxy materials on the Internet, vote your shares on the Internet and obtain printed or electronic copies of the proxy materials. An electronic copy of the proxy materials is available at https://ivanhoeelectric.com/investors/annual-meeting-materials/.  |

---

1<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***Q:***<br>| ***What proposals will be voted on at the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| There are three matters on which a vote is scheduled at the Annual Meeting:  |

---

• The election of nine directors for terms to expire in 2027 (Proposal 1);

• To seek a non-binding, advisory vote on the approval of our executive compensation. (Proposal 2); and

• The ratification of the appointment of Deloitte LLP as Ivanhoe Electric's independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal 3).

We will also consider and vote upon any other business properly brought before the Annual Meeting.

---

| | |
|:---|:---|
| ***Q:***<br>| ***What are the Board of Directors' voting recommendations?***  |

---

---

| | |
|:---|:---|
| A:<br>| The Board of Directors recommends that you vote your shares:  |

---

• **FOR** the election of each director nominee (Proposal 1);

• **FOR** the non-binding, advisory vote on the approval of our executive compensation (Proposal 2); and

• **FOR** the ratification of the appointment of Deloitte LLP as Ivanhoe Electric's independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal 3).

---

| | |
|:---|:---|
| ***Q:***<br>| ***What shares may I vote?***  |

---

---

| | |
|:---|:---|
| A:<br>| You may vote all shares of common stock, par value $0.0001 per share, of the Company that you owned as of the close of business on April 7, 2026 (the "Record Date"). These shares include:  |

---

• those held directly in your name as the *stockholder of record*; and

• those held for you as the *beneficial owner* through a bank, broker, or other financial intermediary at the close of business on the Record Date.

Each share of common stock is entitled to one vote. On the Record Date, there were 157,991,593 shares of our common stock issued and outstanding.

---

| | |
|:---|:---|
| ***Q:***<br>| ***What is the difference between holding shares as a stockholder of record and as a beneficial owner?***  |

---

A: Most stockholders hold their shares through a bank, broker, or other financial intermediary rather than directly in their own name. As summarized below, there are some distinctions between shares held of record and shares held beneficially.

#### Stockholder of Record
If your shares are registered directly in your name with Ivanhoe Electric's transfer agent, Computershare Investor Services Inc., you are considered, with respect to those shares, the stockholder of record. As the stockholder of record, you have the right to grant your proxy directly to Ivanhoe Electric or to vote your shares in person at the Annual Meeting.

#### Beneficial Owner
If you hold shares in a stock brokerage account or through a bank or other financial intermediary, you are considered the *beneficial owner* of shares held in *street name*. Your bank, broker or other financial intermediary is considered, with respect to those shares, the stockholder of record. As the beneficial owner, you have the right to direct your bank, broker, or other financial intermediary on how to vote your shares, but because you are not the stockholder of record, you may not vote these shares in person at the Annual Meeting unless you obtain a signed proxy from the record holder giving you the right to vote the shares. As a beneficial owner, you are, however, welcome to attend the Annual Meeting.

---

| | |
|:---|:---|
| ***Q:***<br>| ***How can I attend the Annual Meeting?***  |

---

A: The Annual Meeting will be held in person in the AC Meeting Room, AC Hotel Phoenix Tempe/Downtown, 100 East Rio Salado Parkway, Tempe, AZ 85281.

You are entitled to participate in the Annual Meeting if you were a stockholder as of the close of business on the Record Date or hold a valid proxy for the meeting. To be admitted to the Annual Meeting, please bring and present a form of government-issued photo identification as well as documentation to demonstrate beneficial ownership of your shares if shares are held through a broker, bank, or other nominee.

---

| | |
|:---|:---|
| ***Q:***<br>| ***How can I vote my shares at the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| If you are a stockholder of record, you may vote in person at the Annual Meeting.  |

---

Even if you plan to attend the Annual Meeting, we recommend that you also submit your proxy as described in the Notice so that your vote will be counted if you later decide not to attend the Annual Meeting. Submitting your proxy now will not prevent you from voting your shares at the Annual Meeting if you desire to do so, as your proxy is revocable at your option.

---

| | |
|:---|:---|
| ***Q:***<br>| ***How can I vote my shares without attending the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| If you hold your shares directly, you may vote by granting a proxy by one of the following methods:  |

---

**On the Internet—You may vote at www.proxyvote.com 24 hours a day, seven days a week. Have your Notice, your proxy card, or the instructions that accompanied your proxy materials and enter the Control Number to submit your vote via the website. We encourage you to vote by proxy via the Internet, since it is quick, convenient and provides a cost savings to us. When you vote by proxy via the Internet prior to the Annual Meeting date, your vote is recorded immediately and there is no risk that postal delays will cause your vote to arrive late and, therefore, not be counted.** 

**By Telephone—You may vote using a touch-tone telephone by calling 1-800-690-6903, 24 hours a day, seven days a week. Have your Notice, your proxy card, or the instructions that accompanied your proxy materials when you call and enter the Control Number when prompted to submit your vote. When you vote by telephone prior to the Annual Meeting date, your vote is recorded immediately and there is no risk that postal delays will cause your vote to arrive late and, therefore, not be counted.** 

**By Mail—You may vote using your proxy card by completing, signing, dating, and returning the proxy card in the self-addressed, postage-paid envelope provided. If you properly complete your proxy card and send it to us in time to vote, your proxy (one of the individuals named as proxies by our Board of Directors on your proxy card (the "Named Proxies") will vote your shares as you have directed. If you sign the proxy card but do not make specific choices, your shares, as permitted, will be voted as recommended by our Board of Directors. If any other matter is presented at the Annual Meeting, the Named Proxies will vote in accordance with his or her best judgment. As of the date of this proxy statement, we knew of no matters that needed to be acted on at the Annual Meeting, other than those discussed in this proxy statement.** 

If you are the beneficial owner of shares held in street name, you may instruct your bank, broker, or other financial intermediary to vote your shares by following the instructions provided by your bank, broker, or other financial intermediary. Most intermediaries offer voting by mail, by telephone and on the Internet.

2<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***Q:***<br>| ***May I change or revoke my vote?***  |

---

---

| | |
|:---|:---|
| A:<br>| Yes, you may change or revoke your proxy instructions at any time prior to the vote at the Annual Meeting.  |

---

If you hold your shares directly, you must (a) file with our Corporate Secretary a written notice of revocation or (b) timely deliver a valid, later-dated proxy by telephone, on the Internet, or by mail, or vote your shares in person at the Annual Meeting. Your attendance at the Annual Meeting will not by itself revoke your previously granted proxy unless you give written notice of revocation to our Corporate Secretary before the Annual Meeting, or you vote at the Annual Meeting. Any proxy submitted by a stockholder of record may be revoked at any time prior to its exercise at the Annual Meeting.

For shares you own beneficially, you may change your vote by submitting new voting instructions to your bank, broker, or other financial intermediary, or by following the instructions that accompanied your proxy materials. If you voted on the Internet or by telephone, you may change your vote by following the instructions for voting by either method until 11:59 P.M. Eastern Time (ET) on June 3, 2026.

---

| | |
|:---|:---|
| ***Q:***<br>| ***How are votes counted?***  |

---

---

| | |
|:---|:---|
| A:<br>| On Proposal 1 - The election of directors, you may vote "FOR," "AGAINST" or "ABSTAIN" with respect to each nominee. For abstentions, see "What happens if I abstain from voting?" below.  |

---

On Proposal 2 – Non-binding, advisory vote to approve executive compensation, you may vote "FOR," "AGAINST" or "ABSTAIN." For abstentions, see "What happens if I abstain from voting?" below.

On Proposal 3 - Ratification of the appointment of our independent registered public accounting firm, you may vote "FOR," "AGAINST" or "ABSTAIN." For abstentions, see "What happens if I abstain from voting?" below.

If you specify a voting choice, your shares will be voted in accordance with that choice. If you vote your shares, but do not indicate your voting preferences, the Named Proxies, will vote your shares in accordance with the recommendations of the Board of Directors.

If you are a beneficial owner and you have not provided voting instructions to your bank, broker or other financial intermediary, such firm may exercise discretion to vote your shares only with respect to the ratification of our independent registered public accounting firm (Proposal 3). Your broker does not have discretionary authority to vote your shares in the election of the directors (Proposal 1), on the non-binding, advisory vote to approve executive compensation (Proposal 2), resulting in a "broker non-vote" with respect to those matters. See "What is a broker non-vote?"

---

| | |
|:---|:---|
| ***Q:***<br>| ***What is the quorum requirement for the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| The presence, in person or by proxy of the holders of a majority of the outstanding shares of stock entitled to vote at the meeting will constitute a quorum for the transaction of business at the Annual Meeting. Abstentions and "broker non-votes" (described below) will be counted as present and entitled to vote for purposes of determining a quorum.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***What is the voting requirement to approve each of the proposals?***  |

---

---

| | |
|:---|:---|
| A:<br>| The election of each director nominee (Proposal 1) will require that the votes cast for a nominee's election exceed the votes cast against such nominee's election (excluding abstentions and broker non-votes). Pursuant to the terms of our bylaws and Advance Voting Policy, if a nominee in an uncontested election is not elected by a majority vote, then the director shall offer to resign from his or her position as a director. See Proposal 1 – Election of Directors.  |

---

Approval of the non-binding, advisory vote on the approval of our executive compensation (Proposal 2) will require the affirmative vote of the holders of a majority of the stock present in person or by proxy entitled to vote.

Approval of the ratification of our independent registered public accounting firm (Proposal 3) will require the affirmative vote of the holders of a majority of the stock present in person or by proxy entitled to vote.

In each case, a quorum must be present at the Annual Meeting for a valid vote.

---

| | |
|:---|:---|
| ***Q:***<br>| ***What happens if I abstain from voting?***  |

---

---

| | |
|:---|:---|
| A:<br>| If you submit a proxy and explicitly abstain from voting on any proposal, the shares represented by the proxy will be considered present at the Annual Meeting for the purpose of determining a quorum. For the non-binding advisory vote on the approval of our executive compensation (Proposal 2) and the ratification of our independent registered public accounting firm (Proposal 3) abstentions will have the same effect as a vote against. For the election of each director nominee (Proposal 1), abstentions will not be counted as votes cast and therefore, they will have no effect on the outcome of Proposal 1.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***What is a "broker non-vote"?***  |

---

---

| | |
|:---|:---|
| A:<br>| A "broker non-vote" occurs when a broker submits a proxy that does not indicate a vote for one or more of the proposals because the broker has not received instructions from the beneficial owner on how to vote on such proposals and does not have discretionary authority to vote in the absence of instructions. Brokers have discretionary authority to vote on matters that are deemed "routine," such as the ratification of our independent registered public accounting firm (Proposal 3). Brokers do not have discretionary authority to vote on matters that are deemed "non-routine," such as the election of directors (Proposals 1) or the non-binding advisory vote on our executive compensation (Proposal 2). Broker non-votes will be counted for the purposes of determining whether a quorum exists at the Annual Meeting, but because they are not considered entitled to vote on non-routine matters, they will have no effect on the outcome of Proposals 1 and 2.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***Will I have dissenters' rights?***  |

---

---

| | |
|:---|:---|
| A:<br>| No dissenters' rights are available under the General Corporation Law of the State of Delaware, our Amended and Restated Certificate of Incorporation or our bylaws to any stockholder with respect to any of the proposals to be voted on at the Annual Meeting.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***What does it mean if I receive more than one Notice, proxy card or voting instruction card?***  |

---

---

| | |
|:---|:---|
| A:<br>| It means your shares are registered differently or are held in more than one account. To ensure that all of your shares are voted, please vote as instructed in each Notice or sign and return each proxy card or voting instruction card (if you have requested and received paper copies of this proxy statement and a proxy card or voting instruction card). If you vote by telephone or on the Internet, you will need to vote once for each Notice, proxy card or voting instruction card you receive.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***Where can I find the voting results of the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| We will announce preliminary voting results at the Annual Meeting and publish final results in a Current Report on Form 8-K following the Annual Meeting. In accordance with the policies of the TSX and certain exemptions available to "Eligible International Listed Issuers", the Company applied for and received relief for one year from complying with Sections 461.1-461.14 (Director Elections) and 464 (Annual Meetings) of the TSX Company Manual.  |

---

3<br>

------

---

| | |
|:---|:---|
| ***Q:***<br>| ***What happens if additional proposals are presented at the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| Other than the three proposals described in this proxy statement, we do not expect any matters to be presented for a vote at the Annual Meeting. If you grant a proxy, the Named Proxies will have the discretion to vote your shares on any additional matters properly presented for a vote at the Annual Meeting. If for any unforeseen reason the director nominees not available as a candidate for director, the Named Proxies will vote your proxy for such other candidate as may be nominated by the Board of Directors.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***Who will bear the cost of soliciting votes for the Annual Meeting?***  |

---

---

| | |
|:---|:---|
| A:<br>| Ivanhoe Electric will pay the entire cost of preparing, assembling, printing, mailing, and distributing these proxy materials. However, if you choose to vote over the Internet, you will bear the expenses for your Internet access. In addition to the mailing of these proxy materials, the solicitation of proxies or votes may be made in person, by telephone or by electronic communication by our directors, officers, and employees, who will not receive any additional compensation for such solicitation activities. We will also reimburse brokerage houses and other custodians, nominees, and fiduciaries for their reasonable out-of-pocket expenses for forwarding proxy and solicitation materials to stockholders.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***May I propose nominees for election to the Board of Directors at next year's annual meeting of stockholders?***  |

---

---

| | |
|:---|:---|
| A:<br>| Yes, our bylaws establish an advance notice procedure for stockholders to make nominations for the position of director at an annual meeting. Director nominee proposals for the 2027 annual meeting of stockholders will not be considered timely unless such proposals are received by us no later than February 4, 2027, and no earlier than January 5, 2027, in accordance with our bylaws; provided, however, in the event that the date of the annual meeting is advanced more than 30 days prior to the anniversary date of the Annual Meeting, or delayed more than 70 days after such anniversary date then to be timely such notice must be received by us, in accordance with the bylaws, no earlier than 120 days prior to such annual meeting and no later than the later of 70 days prior to the date of the meeting or the 10th day following the day on which public announcement of the date of the meeting was first made by us. Any proposal to nominate a director to our Board of Directors must set forth the information required by our bylaws.  |

---

---

| | |
|:---|:---|
| ***Q:***<br>| ***May I propose other business proposals for consideration at next year's annual meeting of stockholders?***  |

---

---

| | |
|:---|:---|
| A:<br>| Yes, you may submit other business proposals for consideration at next year's annual meeting of stockholders. In order for a stockholder proposal to be considered for inclusion in the proxy statement in reliance on Rule 14a-8 of the Exchange Act and presented at the 2027 annual meeting of stockholders, it must be in such form as is required by the rules and regulations promulgated by the SEC and received by us not less than 120 calendar days before April 21, 2027, the one year anniversary of the date this proxy statement was made available to stockholders (or by December 22, 2026).  |

---

4<br>

------

### ABOUT IVANHOE ELECTRIC INC.
We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in the United States. We operate exploration joint ventures and alliances in Saudi Arabia, Chile and the United States. We use our powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc. ("CGI"), to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals.

We are committed to the establishment of strong relationships with our local communities and the responsible development of our projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint. We prioritize hiring from local communities.

### ENVIRONMENTAL, SOCIAL AND GOVERNANCE

#### 2025 IVANHOE ELECTRIC SUSTAINABILITY HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
| ![](ny20062456x1_awards3.jpg)<br>| ![](ny20062456x1_awards1.jpg)<br>| ![](ny20062456x1_awards2.jpg)<br>| ![](ny20062456x1_awards5.jpg)<br>|
| **Governance** | **Health, Safety & Wellness** | **Reporting** | **Community**  |
| Ensured oversight of sustainability risks and opportunities by the Health, Safety, and Environmental Committee of the Board of Directors | Continued developing Health and Safety Management Systems and successfully reported superior safety performance over industry averages | Enhanced our sustainability reporting with metrics that will be foundational to create future reports and develop global sustainability frameworks  | Made considerable progress on permitting through excellent engagement with regulatory agencies, and continued positive engagement with community stakeholders. |

---

As we progress our Santa Cruz Copper Project from the Preliminary Feasibility Study toward site construction, we remain focused on integrating responsible mining principles into engineering, design, and project planning. Efforts during the year included optimizing energy use, improving water management plans and efficiency, and reducing material consumption to support the development of a modern, low-impact underground mining operation. These initiatives reflect our commitment to advancing the Santa Cruz Copper Project in a manner that prioritizes safety and delivers long-term value while upholding high standards of environmental and social responsibility.

Ivanhoe Electric's sustainability approach is grounded in disciplined governance, responsible resource development, and transparent reporting. Our strategy reflects the Company's current stage of development and focuses on the material topics most relevant to our investors, host communities, and other stakeholders. We align our disclosures with the Sustainability Accounting Standards Board (SASB) Metals & Mining framework and continue to integrate sustainability considerations into our long-term planning for the Santa Cruz Copper Project.

The Board of Directors, through its Health, Safety and Environmental Committee, continued to provide robust oversight of sustainability-related risks and opportunities. The Committee maintained 100% meeting attendance during the year and received regular updates from management on environmental performance, safety initiatives, community engagement, and permitting progress. The Committee also reviewed and approved the Company's annual sustainability report and supported efforts to advance responsible development practices across the organization.

We delivered strong safety performance in 2025, achieving zero recordable injuries. This outcome reflects our continued focus on embedding a proactive safety culture and advancing our Health and Safety Management System. We also launched an employee wellness program designed to support physical and mental well-being, with participation increasing throughout the year. Safety and wellness remain top priorities as we prepare for the transition from study to construction activities.

During the year, we enhanced our sustainability disclosures by reporting SASB Metals & Mining metrics and expanding transparency around environmental and social performance. The Santa Cruz Copper Project Preliminary Feasibility Study includes detailed analysis of sustainability-related risks and opportunities, providing a foundation for future reporting aligned with evolving global standards.

We continued to advance permitting activities through constructive engagement with state and local regulatory agencies. Our Community Working Group expanded its outreach efforts, strengthening relationships with tribal partners, local organizations, and community stakeholders. Engagement activities included sponsorships, volunteer initiatives, participation in community events, and ongoing dialogue to ensure local perspectives are incorporated into project planning and decision making.

5<br>

------

#### **TABLE OF CONTENTS**

### PROPOSAL ONE

#### ELECTION OF DIRECTORS
At the Annual Meeting, nine directors will be proposed for election by the stockholders to serve on our Board of Directors until the next annual meeting of stockholders, or until their successors are duly elected and qualified, subject to their earlier death, resignation, or removal. Properly submitted proxies will be voted "FOR" the election as director of the persons named below unless the proxy contains instructions to the contrary. Proxies cannot be voted for a greater number of persons than the number of nominees named in this proxy statement.

Management has no reason to believe that any of the nominees are unable or unwilling to serve, if elected. However, in the event that he or she should become unable or unwilling to serve as a director, the proxy will be voted for the election of such person as shall be designated by the Board of Directors.

#### Nominees
The Board of Directors has nominated the following persons to serve as directors: Robert Friedland, Taylor Melvin, Russell Ball, Sofia Bianchi, Hirofumi Katase, Patrick Loftus-Hills, Victoire de Margerie, Priya Patil and Ronald Vance with a term that will expire at the next meeting of stockholders in 2027 when directors will be elected. Information regarding the business experience of the director nominees may be found under the section of this proxy statement entitled "Board of Directors and Corporate Governance—The Board of Directors."

#### Vote Required
The election of each director nominee will require that the votes cast for a nominee's election exceed the votes cast against such nominee's election (excluding abstentions and broker non-votes). Pursuant to the terms of our bylaws and Advance Voting Policy, if a nominee in an uncontested election is not elected by a majority vote, then the director shall offer to resign from his or her position as a director. Unless the Board of Directors decides to reject the offer or to postpone the effective date of the offer, the resignation shall become effective 60 days after the date of the election. In making a determination whether to reject the offer or postpone the effective date, the Board of Directors will consider all factors it deems relevant to the best interests of the Company. Pursuant to our Advance Voting Policy, the Board of Directors will accept the resignation absent exceptional circumstances and, if the Board of Directors determines that exceptional circumstances exist and the Board of Directors does not accept the resignation, the Company will take the necessary steps to resolve the exceptional circumstance prior to the next stockholder meeting at which directors are elected. If the Board of Directors rejects the resignation or postpones its effective date, it will issue a public statement that discloses the reason for its decision.

#### THE BOARD OF DIRECTORS RECOMMENDS A VOTE " FOR " THE ELECTION OF EACH DIRECTOR NOMINEE LISTED IN PROPOSAL 1.
6<br>

------

#### **TABLE OF CONTENTS**

### BOARD OF DIRECTORS AND CORPORATE GOVERNANCE
Our business and affairs are managed under the direction of the Board of Directors. Our Board of Directors currently consists of nine members.

Our Board of Directors consists of a single class of directors and directors will serve until a successor is duly elected and qualified or until a director's earlier death, removal, or resignation. The current members of our Board of Directors are Robert Friedland, Taylor Melvin, Russell Ball, Sofia Bianchi, Hirofumi Katase, Patrick Loftus-Hills, Victoire de Margerie, Priya Patil and Ronald Vance.

Our Board of Directors, on the recommendation of the Compensation and Nominating Committee, has nominated Robert Friedland, Taylor Melvin, Russell Ball, Sofia Bianchi, Hirofumi Katase, Patrick Loftus-Hills, Victoire de Margerie, Priya Patil and Ronald Vance to stand for election at this year's Annual Meeting. If re-elected, each of these nine nominees will serve on our Board of Directors until the 2026 Annual Meeting of Stockholders, or until his or her successor is duly elected and qualified in accordance with the Company's bylaws. If any of these nominees should become unable to accept election, our Named Proxies may vote for other person(s) selected by our Board of Directors. Our Board of Directors has no reason to believe that any of the nominees will be unable to accept election.

#### DIRECTOR NOMINEES

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name** | **Director Since** | **Independent** | **Board Committees**  |
| ![](ny20062456x1_robertfsm.jpg)<br>| **Robert Friedland<sup>(1)</sup>**<br>**Age: 75** | 2021 |  | • N/A <br>|
| ![](ny20062456x1_taylormsm.jpg)<br>| **Taylor Melvin<sup>(2)</sup>**<br>**Age: 56** | 2022 |  | • N/A <br>|
| ![](ny20062456x1_russellbsm.jpg)<br>| **Russell Ball**<br>**Age: 58** | 2022 | •  | • Chair of AC<sup>(3)</sup><br>• CNC<sup>(4)</sup> <br>|
| ![](ny20062456x1_sofiabsm.jpg)<br>| **Sofia Bianchi**<br>**Age: 69** | 2023 |  | • HSE<sup>(5)</sup><br>|
| ![](ny20062456x1_hirofumiksm.jpg)<br>| **Hirofumi Katase**<br>**Age: 66** | 2022 |  | • N/A<br>|
| ![](ny20062456x1_patricklsm.jpg)<br>| **Patrick Loftus-Hills**<br>**Age: 60** | 2023 | •  | • CNC<sup>(4)</sup><br>• HSE<sup>(5)</sup> <br>|
| ![](ny20062456x1_victoiremsm.jpg)<br>| **Victoire de Margerie**<br>**Age: 63** | 2022 | •  | • N/A <br>|
| ![](ny20062456x1_priyapsm.jpg)<br>| **Priya Patil**<br>**Age: 63** | 2022 | •  | • Chair of CNC<sup>(4)</sup><br>• AC<sup>(3)</sup> <br>|
| ![](ny20062456x1_ronaldvsm.jpg)<br>| **Ronald Vance**<br>**Age: 73** | 2023 | •  | • Chair of HSE<sup>(5)</sup><br>• AC<sup>(3)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Executive Chairman of the Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;(2) President, Chief Executive Officer, and Director

&nbsp;&nbsp;&nbsp;&nbsp;(3) AC= Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;(4) CNC= Compensation and Nominating Committee

&nbsp;&nbsp;&nbsp;&nbsp;(5) HSE= Health, Safety and Environmental Committee

7<br>

------

#### **TABLE OF CONTENTS**

#### THE BOARD OF DIRECTORS

---

| | |
|:---|:---|
| **Robert Friedland**  | **Robert Friedland**  |
| ![](ny20062456x1_robertf.jpg)<br>**Executive Chairman of** <br>**the Board of Directors**<br>Age: 75<br>Director Since: 2021 | **Mr. Friedland has served as Executive Chairman of the Board of Directors since November 2022. Prior to that time, Mr. Friedland was Chief Executive Officer from July 2020 to November 2022, and Chairman of the Board from June 2021 to November 2022. Mr. Friedland has over thirty years of experience and has been recognized by leaders of the international financial sector and mineral resource industries as an entrepreneurial explorer, technology innovator and company builder. Since July 1988, Mr. Friedland has served as President, Chief Executive Officer and Founder of Ivanhoe Capital Corporation, a family office and investment company. He is the founder of Ivanhoe Mines Ltd. and has served as Executive Co-Chairman since September 2018 (previously Executive Chairman). He has also been Chairman of I-Pulse Inc. since February 2009 and Chief Executive Officer since June 2023. Since June 2018, he has served as Chairman of VRB Energy Inc. and was Co-Chair of SK Global Entertainment Inc. from February 2017 to December 2021. As one of the most recognized mining executives and achievers in the world, Mr. Friedland is dedicated to serving on numerous boards in the natural resources sector. These positions include: Co-Chairman of Sunrise Energy Metals Limited (formerly Clean TeQ Holdings Limited) since September 2016; Chief Executive Officer of High Power Exploration Inc. (now Ivanhoe Atlantic Inc.) from December 2015 to July 2022 and Chairman from January 2018 to July 2022; a Director of Blue Spark Energy Systems Inc. from May 2024 to August 2025 and Director of Pure Lithium Corporation from April 2022 to December 2025; and Chairman of Gold X Mining Corp. from June 2020 until its acquisition by Gran Colombia in June 2021. Mr. Friedland was the Chief Executive Officer from July 2020 to February 2022, and a founder of Ivanhoe Capital Acquisition Corp., a NYSE-listed special purpose acquisition corporation that completed its merger with SES AI Corporation ("SES"), a lithium-metal battery developer. He served as a Director of SES until March 2023. Mr. Friedland graduated with a degree in political science from Reed College.** |

---

---

| | |
|:---|:---|
| **Taylor Melvin** | **Taylor Melvin** |
| ![](ny20062456x1_taylorm.jpg)<br>**Director**<br>Age: 56<br>Director Since: 2022 | **Mr. Melvin has served as our President, Chief Executive Officer, and a member of our Board of Directors since November 2022. Mr. Melvin has over twenty years of experience in the natural resources sector as a senior corporate development professional and investment banker. Prior to joining Ivanhoe Electric, Mr. Melvin served as President and Chief Executive Officer of Battery Metals Streaming Corp. from March 2022 to August 2022. Prior to that, Mr. Melvin served as Vice President, Corporate Development of Freeport-McMoRan Inc. (NYSE: FCX), a leading international mining company focused on copper, headquartered in Phoenix, Arizona, from June 2018 to March 2022, after having served as its Director Finance & Business Development since 2008. Before joining Freeport-McMoRan Inc. in 2008, Mr. Melvin was an Executive Director in J.P. Morgan's Natural Resources investment banking group in New York. Mr. Melvin received his Bachelor of Science in Business Administration and his Master of Business from the University of North Carolina at Chapel Hill.** |

---

---

| | |
|:---|:---|
| **Russell Ball** | **Russell Ball** |
| ![](ny20062456x1_russellb.jpg)<br>**Independent Director**<br>Age: 58<br>Director Since: 2022 | **Mr. Ball has served as a Director since June 2022. He is Chair and a member of the Audit Committee and also serves as a member of the Compensation and Nominating Committee. Mr. Ball is an international mining executive with over thirty years of experience. He was the Chief Executive Officer of Calibre Mining Corp. (TSX: CXB) from October 2019 to February 2021 and Chair of its board from November 2018 to October 2019. From May 2013 to December 2017, Mr. Ball held various executive positions with Goldcorp Inc. (TSX: G; NYSE: GG), including Executive Vice President Corporate Development and Chief Financial Officer from March 2016 to December 2017. Prior to that, he held various positions with Newmont Mining Corporation (NYSE: NEM) from 1994 to 2013, including Executive Vice President and Chief Financial Officer from June 2008 to May 2013. Mr. Ball currently serves as Non-Executive Chair of the board of Faraday Copper Corp. (TSX:FDY) and as a Director of Southern Silver Exploration Corp (TSX.V: SSL), Thesis Gold Corp, (TSX.V: TAU), and Compass Minerals (NYSE: CMP). He is a Chartered Accountant (South Africa) and a Certified Public Accountant in the United States. Mr. Ball holds a Master's in Accounting and a Post-Graduate Diploma in Accounting from the University of Natal (South Africa).** |

---

8<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Sofia Bianchi** | **Sofia Bianchi** |
| ![](ny20062456x1_sofiab.jpg)<br>**Director**<br>Age: 69<br>Director Since: 2023 | **Ms. Bianchi has served as a Director since July 2023 and is a member of the Health, Safety and Environmental Committee. Ms. Bianchi has over thirty years of experience in finance and has held numerous executive and director roles internationally. She has been the founding partner at Atlante Capital Partners, an investment firm focused on financial restructuring, since May 2016. Ms. Bianchi also serves as a Non-Executive Director and Chair of the Corporate Governance Committee of Mineros S.A. (TSX: MSA, OTCQX: MNSAF, BVC: MINEROS) since March 2024 and as Chair of Canagold Resources Ltd. (CCM:CA) since July 2022. She also serves as a Non-Executive Director of Saudi Arabian Mining Company ("Maaden") (Saudi Stock Exchange Tadawul) since December 2022 and as a Non-Executive Director of Manara Minerals Investment Company of Riyadh, Saudi Arabia, a joint venture between Maaden and the Public Investment Fund to invest in mining assets globally since June 2023. In addition, Ms. Bianchi has served as a Non-Executive Director of Sitex SA since 2017 and Spitex Perspecta AG (SOL SpA Group) since 2019, both of which specialize in home-based healthcare services, and as an Independent Non-Executive Director of Yellow Cake plc. (AIM:YCA), a uranium company, since 2018. She previously served as a director of Feronia Inc. (TSX) from January 2019 to February 2020; Endeavour Mining Corporation (TSX & LSE) from November 2019 to May 2022; Kenmare Resources (LSE & Dublin Stock Exchange) from April 2008 to May 2017; and ARM Cement PLC (Nairobi Securities Exchange) from January 2018 to January 2019. Previously Ms. Bianchi was Head of Special Situations at the CDC Group from 2018 to 2020 and at BlueCrest Capital Management from 2007 to 2016. Ms. Bianchi holds a Master's degree in finance from the University of Pennsylvania – Wharton Business School, and a Bachelor of Arts degree in Economics from George Washington University.** |

---

---

| | |
|:---|:---|
| **Hirofumi Katase** | **Hirofumi Katase** |
| ![](ny20062456x1_hirofumik.jpg)<br>**Director**<br>Age: 66<br>Director Since: 2022 | **Mr. Katase has served as a Director since January 2022. Mr. Katase has served as Executive Vice Chairman, Director General of Industrial Science and Technology, Executive Vice Chairman, a member of the Board of Directors of I-Pulse Inc. and President of I-Pulse Japan Co., Ltd., I-Pulse's operating subsidiary in Japan since December 2017. Mr. Katase has been the Chief Executive Officer of G-Pulse Inc., a subsidiary of I-Pulse developing a drilling technology based on high pulsed power, since February 2022 and has served as Chairman of Geo Dreams Inc. since January 2022. Mr. Katase served as a Director of VRB Energy since February 2022; a Director of Geo Power Innovations since September 2019; a Director of MinebeaMitsumi, a manufacturing company, since July 2021; and as Present representative Director of Ibis Inc. since June 2021. Prior to these roles, he most recently served as Japan's Vice Minister for International Affairs at the Ministry of the Economy, Trade and Industry ("METI") from June 2016 to July 2017. He held numerous management positions in trade, energy and industrial policy at METI since joining in 1982. During his time at METI, Mr. Katase served in multiple Director General positions, including for the Industrial Science and Technology Policy and Environment Bureau and Trade Policy Bureau, where he led efforts that contributed to the signing of the Trans-Pacific Partnership, among other international agreements. He also was previously Deputy Secretary-General of the Secretariat of Strategic Headquarters for Space Policy at the Cabinet Office, where he helped establish the Office of National Space Policy, the headquarters responsible for Japan's development of space policy and deployment of space infrastructure. He was also a Director of the Oil and Natural Gas division at METI, where he led Japan's upstream hydrocarbon policy for four years. At METI, he also served as a Director of the Aerospace and Defense Industry division where he worked on launching the Mitsubishi Regional Jet (MRJ) program and cultivated international partnerships for the development of aircraft and aircraft engines. Mr. Katase earned a bachelor's degree in law from the University of Tokyo and a Master's degree in applied economics from the University of Michigan.** |

---

---

| | |
|:---|:---|
| **Patrick Loftus-Hills** | **Patrick Loftus-Hills** |
| ![](ny20062456x1_patrickl.jpg)<br>**Independent Director**<br>Age: 60<br>Director Since: 2023 | **Mr. Loftus-Hills has served as a Director since March 2023 and is a member of the Compensation and Nominating Committee and the Health, Safety and Environmental Committee. He brings over forty years of experience in the global mining industry and has served as a Senior Advisor at Moelis & Company, a New York-based investment bank, since 2011. He was a Partner and Managing Director at Moelis & Company from 2011 to December 2021. Since February 2025, Mr. Loftus-Hills has served as a Senior Advisor to Oryx Global Partners, an Abu Dhabi, UAE based mining private equity firm. Prior to joining Moelis & Company in 2011, he was the Joint Head of the Asian Industrials Group and Head of Natural Resources at UBS in Hong Kong and held leadership roles in the UBS's global mining team in New York and Australia. Over his career, Mr. Loftus-Hills spent almost thirty years in investment banking advising global mining companies on a range of transactions, including cross-border mergers and acquisitions and capital raises as well as seven years as a lawyer advising major mining companies. Mr. Loftus-Hills served as a Managing Member - Advisor of Sweetwater Royalties LLC, an Orion Resource Partners portfolio company, from May 2022 to May 2025. He is Chair of the Monash University US Leadership Council, Chair of the US Friends of the Australian Chamber Orchestra, Co-Chair of Global Australians and Chair of the AUS USA Foundation. He holds degrees in Law and Science and an Honorary Doctor of Laws from Monash University in Australia.** |

---

9<br>

------

---

| | |
|:---|:---|
| **Victoire de Margerie** | **Victoire de Margerie** |
| ![](ny20062456x1_victoirem.jpg)<br>**Independent Director**<br>Age: 63<br>Director Since: 2022 | **Ms. de Margerie has served as a Director since June 2022. Prof. de Margerie is the Executive Chairman/Reference Shareholder of Rondol Industrie SAS, a deep technology startup that develops extrusion machinery for drug formulations and other high-tech applications since 2012. Since 2014, Prof. de Margerie has served as Founder and Co Chairman of World Materials Forum, since 2019, an Academician at the National Academy of Technologies of France, since 2020 a Board Director of Paris School of Mines (France), and since 2025, a Board Director of Boliden (Sweden, Mining). Altogether 40 years in the Materials Industry in Canada, France, Germany, the United Kingdom and the United States, first as an executive and since 2006 as a Board Director. Prof. de Margerie was a Director of Eurazeo (Euronext Paris) from 2012 to 2024, a Director and Chair of the Innovation & Growth Committee of Arkema SA (Euronext Paris: AKE) from 2012 to 2023, a Director of Babcock International Group (LSE: BAB) from 2016 to 2021, a Director of Morgan Ceramics from 2012-2016, a Director of Norsk Hydro from 2012 to 2014, and a Director at Outokumpu from 2007-2011. She was previously a Director of European industrial companies such as Italcementi from 2006-2016. Prof. de Margerie was also a Professor of Strategy & Technology Management at Grenoble School of Management between 2003 and 2011. Prof. de Margerie graduated initially from HEC Paris and Sciences Po Paris and holds a PhD in Management from Université de Paris 2.** |

---

---

| | |
|:---|:---|
| **Priya Patil** | **Priya Patil** |
| ![](ny20062456x1_priyap.jpg)<br>**Independent Director**<br>Age: 63<br>Director Since: 2022 | **Ms. Patil has served as a Director of since June 2022. She is Chair and a member of the Compensation and Nominating Committee ad also serves as a member of the Audit Committee. Ms. Patil is an experienced corporate director, former senior public company executive, and investment banker. She began serving as an independent corporate director of public companies in 2016 and has served as a volunteer board member of universities and other economic-focused organizations since 2003. From 2014 to 2026, Ms. Patil was Head, Business Development (Diversified Industries) of the Toronto Stock Exchange. She previously served as Managing Director, Partner and Founding Partner (Eastern Operations) of PI Financial Corp. and as Managing Director, Partner and Head of Investment Banking of Loewen Ondaatje McCutcheon. Ms. Patil also served as Global General Corporate Counsel of Breakwater Global Resources Ltd, a Canadian and U.S. listed mining company. She started her career as an attorney with Brobeck, Phleger & Harrison LLP in Palo Alto, California. From February 2021 to August 2024, Ms. Patil was a director of Rambler Metals & Mining PLC (AIM of LSE: RMM), where she was Chair of the Compensation, Governance and Nominations Committee and a member of its Audit and Safety, Health, Environment and Community Committees. She also served as a director of Signature Resources Ltd. (TSX-V: SIG) from September 2021 to May 2022 and as an advisory board member from May 2022 to September 2023. From October 2016 to August 2019, Ms. Patil was an Independent Corporate Director of Alexandria Minerals Inc., serving as Chair of its Audit Committee and as a member of its Management & Special Committee. Ms. Patil holds a Juris Doctor degree from the University of Ottawa and a Bachelor of Science degree in Statistics and Computer Sciences from the University of Bombay. She has completed the Directors Education Program at the Rotman School of Management (University of Toronto) and the Innovation Governance Program of the Council of Canadian Innovators. Ms. Patil is a member of the State Bar of California and the Law Society of Ontario and Charter of the Institute of Corporate Directors. She served as a Board Member of the Council of Great Lakes Region and as a Board Member of the Association of Corporate Growth from 2015 to 2019. She also served on the advisory boards of the University of Ottawa, Faculty of Law and Metropolitan Toronto University, Digital Media Zone from 2016 to 2019.** |

---

---

| | |
|:---|:---|
| **Ronald Vance** | **Ronald Vance** |
| ![](ny20062456x1_ronaldv.jpg)<br>**Independent Director**<br>Age: 73<br>Director Since: 2023 | **Mr. Vance has served as a Director since June 2023 and is Chair of the Health, Safety and Environmental Committee and a member of the Audit Committee. Mr. Vance is a corporate director and retired senior executive with a distinguished track record in corporate development, corporate finance advisory and marketing management. He has over forty years of experience in mining and corporate development. Mr. Vance retired from Teck Resources Limited where he served as Senior Vice President, Corporate Development from 2006 to 2014. Prior to joining Teck Resources, he worked as a Managing Director of Rothschild (Denver) Inc. from 1991 to 2000 and as Managing Director/Senior Advisor of Rothschild Inc. from 2000 to 2005. Since 2013, Mr. Vance currently serves as an independent director of Royal Gold Inc. (NASDAQ: RGLD) and serves as a member of its Audit and Finance Committee. Mr. Vance served as Chairman of the Board of Southern Peaks Mining, L.P. in 2018.** |

---

10<br>

------

#### ARRANGEMENTS OR UNDERSTANDINGS
We have entered into an Investor Rights Agreement with Maaden dated July 6, 2023 ("IRA") under which, among other things, we agreed to appoint a nominee selected by Maaden to our Board of Directors until our next annual meeting of stockholders and provide Maaden with the continuing right to nominate one director to our Board of Directors for so long as Maaden owns at least 8% of the outstanding shares of our common stock, subject to certain exceptions. Sofia Bianchi is Maaden's nominee to serve on the Board of Directors.

#### FAMILY RELATIONSHIPS
There are no family relationships among any of our directors, director nominees or executive officers.

#### BOARD OF DIRECTORS LEADERSHIP STRUCTURE
Our Board of Directors is currently led by our Executive Chairman, Mr. Friedland. Our Board of Directors recognizes that it is important to determine an optimal board leadership structure to ensure independent oversight of management as the Company continues to grow. We separate the roles of Chief Executive Officer ("CEO") and Chairman of the Board of Directors in recognition of the differences between the two roles. The CEO is responsible for setting the strategic direction for the Company and the day-to-day leadership and performance of the Company, while the Executive Chairman provides guidance to the CEO and presides over meetings of the full Board of Directors. We believe this separation of responsibilities provides a balanced approach to managing the Board of Directors and overseeing the Company.

Our Board of Directors has concluded that our current leadership structure is appropriate at this time. However, our Board of Directors will continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.

#### DIRECTOR INDEPENDENCE
Under the rules of NYSE American, at least a majority of the directors on the board of directors of a listed company must be independent directors. In addition, rules require that, subject to specified exceptions, each member of a listed company's audit, compensation, and nominating and corporate governance committees be independent. Under these rules, a director will only qualify as an "independent director" if, in the opinion of that company's Board of Directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Audit Committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: (1) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or (2) be an affiliated person of the listed company or any of its subsidiaries.

Our Board of Directors has undertaken a review of the independence of each director nominee and considered whether each director nominee has a material relationship with us that would interfere with the exercise of independent judgment in carrying out his or her responsibilities as a director. As a result of this review, our Board of Directors determined each of Mr. Ball, Ms. de Margerie, Mr. Loftus-Hills, Ms. Patil, and Mr. Vance are independent within the meaning of the applicable rules of the NYSE American and that each of Mr. Ball, Ms. Patil, and Mr. Vance is also an independent director under Rule 10A-3 under the Exchange Act for the purpose of Audit Committee membership. In making these determinations, our Board of Directors reviewed and discussed information provided by the directors to us with regard to each director's business and personal activities and current and prior relationships as they may relate to us and our management, including the beneficial ownership of our capital stock by each non-employee director and any transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

#### DIVERSITY

#### Board of Directors
We have not adopted a formal policy or a specific target with respect to the identification, nomination, or number of diverse candidates on the Board of Directors, as the Board of Directors has determined that a target would not be the most effective way of ensuring greater diversity. However, the Board of Directors is committed to increasing diversity on the Board of Directors as board turnover occurs from time to time, taking into account the skills, background, experience and knowledge desired at a particular time by the Board of Directors and its committees. Accordingly, consideration of the diversity of the Board of Directors will be a component of the selection process for new members of the Board of Directors going forward.

#### Executive Officer Positions
In appointing individuals to executive officer positions, we weigh a number of factors, primarily the skills, experience and personal attributes required for the position. We also consider the level of female and other underrepresented group representation within our senior management team. There are currently four women occupying a senior executive position within the Company (36% of executive positions). We value diversity among our executive officers.

We have not adopted targets for the number or percentage of diverse members in executive officer positions. The Board of Directors believes the most effective way to achieve greater diversity in our senior management team is to ensure a culture of inclusion throughout the organization.

#### BOARD OF DIRECTORS' ROLE IN RISK OVERSIGHT
Our Board of Directors has an active role, as a whole and also at the committee level, in overseeing the management of the risks we face. Our Board of Directors, as a whole, is responsible for general oversight of risks and regular review of information regarding our risks, including credit risks, liquidity risks and operational risks.

11<br>

------

#### **TABLE OF CONTENTS**
Executive management of the Company, with the assistance of internal audit and other management committees and key personnel, reviews periodically the Company's risk management processes, including operational, legal, financial, governmental, environmental, corporate governance, credit, cybersecurity, and liquidity risk matters. Additionally, executive management reports at least on a quarterly basis to the Audit Committee any significant risk findings and the Audit Committee then reports such findings to the entire Board of Directors.

In addition, our Audit Committee reviews and discusses with our management the risks faced by our Company and the policies, guidelines, and processes by which management assesses and manages our Company's risks, including major financial risk exposures and cybersecurity risk exposures, and the steps our management has taken to monitor and control such exposures. The Board of Directors has the ultimate oversight role to monitor how executive management manages the material risks associated with the Company's operations.

We believe the division of risk management responsibilities described above is an effective approach for addressing the risks facing the Company and that our Board of Directors leadership structure supports this approach.

#### COMMITTEES OF THE BOARD OF DIRECTORS
Our Board of Directors has three committees: the Audit Committee, the Health, Safety and Environmental Committee, and the Compensation and Nominating Committee. In 2025, the Audit Committee held five meetings, the Health, Safety and Environmental Committee held four meetings and the Compensation and Nominating Committee held five meetings. The committee charters are each available on the corporate governance section of our website at *www.ivanhoeelectric.com*. From time to time, our Board of Directors may also establish other committees that it deems necessary or desirable.

---

| | | |
|:---|:---|:---|
| **Audit Committee**  | **Audit Committee**  | **Audit Committee**  |
| **Members** | Russell Ball **Chair**<br>Priya Patil<br>Ronald Vance | **Meetings in 2025: 5**  |
| The **Audit Committee** consists of Mr. Ball (Chair), Ms. Patil and Mr. Vance and is composed entirely of independent directors. The Audit Committee operates pursuant to a charter approved by the Board of Directors. The Audit Committee approves the engagement of our independent public auditor and the scope of the audit to be undertaken by such auditor. In connection with our Annual Report on Form 10-K, the Audit Committee also reviews with management and the independent auditor the financial information to be included therein. In addition, the Audit Committee reviews all proposed related party transactions for the purpose of recommending to the disinterested members of the Board of Directors whether the transaction should be ratified and approved. See "Certain Relationships and Related Party Transactions." | The **Audit Committee** consists of Mr. Ball (Chair), Ms. Patil and Mr. Vance and is composed entirely of independent directors. The Audit Committee operates pursuant to a charter approved by the Board of Directors. The Audit Committee approves the engagement of our independent public auditor and the scope of the audit to be undertaken by such auditor. In connection with our Annual Report on Form 10-K, the Audit Committee also reviews with management and the independent auditor the financial information to be included therein. In addition, the Audit Committee reviews all proposed related party transactions for the purpose of recommending to the disinterested members of the Board of Directors whether the transaction should be ratified and approved. See "Certain Relationships and Related Party Transactions." | The **Audit Committee** consists of Mr. Ball (Chair), Ms. Patil and Mr. Vance and is composed entirely of independent directors. The Audit Committee operates pursuant to a charter approved by the Board of Directors. The Audit Committee approves the engagement of our independent public auditor and the scope of the audit to be undertaken by such auditor. In connection with our Annual Report on Form 10-K, the Audit Committee also reviews with management and the independent auditor the financial information to be included therein. In addition, the Audit Committee reviews all proposed related party transactions for the purpose of recommending to the disinterested members of the Board of Directors whether the transaction should be ratified and approved. See "Certain Relationships and Related Party Transactions." |

---

---

| | | |
|:---|:---|:---|
| **Health, Safety, and Environmental Committee**  | **Health, Safety, and Environmental Committee**  | **Health, Safety, and Environmental Committee**  |
| **Members** | Ronald Vance **Chair**<br>Patrick Loftus- Hills<br>Sofia Bianchi | **Meetings in 2025: 4**  |
| The **Health, Safety and Environmental Committee** was established in February 2024 and consists of Mr. Vance (Chair), Mr. Loftus-Hills and Ms. Bianchi. The Health, Safety and Environmental Committee operates pursuant to a charter approved by the Board of Directors. The Health, Safety and Environmental Committee oversees our key health, safety, environmental and social policies and related risks, opportunities and matters affecting our business. The Health, Safety and Environmental Committee will also ensure accurate reporting of environmental, social and governance matters. ESG matters include, without limitation, health and safety, tailings management and stewardship, climate change, water stewardship, biodiversity and land management, waste management, human rights, stakeholder relations, corporate governance, social performance and Indigenous Peoples, and responsible sourcing practices. | The **Health, Safety and Environmental Committee** was established in February 2024 and consists of Mr. Vance (Chair), Mr. Loftus-Hills and Ms. Bianchi. The Health, Safety and Environmental Committee operates pursuant to a charter approved by the Board of Directors. The Health, Safety and Environmental Committee oversees our key health, safety, environmental and social policies and related risks, opportunities and matters affecting our business. The Health, Safety and Environmental Committee will also ensure accurate reporting of environmental, social and governance matters. ESG matters include, without limitation, health and safety, tailings management and stewardship, climate change, water stewardship, biodiversity and land management, waste management, human rights, stakeholder relations, corporate governance, social performance and Indigenous Peoples, and responsible sourcing practices. | The **Health, Safety and Environmental Committee** was established in February 2024 and consists of Mr. Vance (Chair), Mr. Loftus-Hills and Ms. Bianchi. The Health, Safety and Environmental Committee operates pursuant to a charter approved by the Board of Directors. The Health, Safety and Environmental Committee oversees our key health, safety, environmental and social policies and related risks, opportunities and matters affecting our business. The Health, Safety and Environmental Committee will also ensure accurate reporting of environmental, social and governance matters. ESG matters include, without limitation, health and safety, tailings management and stewardship, climate change, water stewardship, biodiversity and land management, waste management, human rights, stakeholder relations, corporate governance, social performance and Indigenous Peoples, and responsible sourcing practices. |

---

12<br>

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Compensation and Nominating Committee**  | **Compensation and Nominating Committee**  | **Compensation and Nominating Committee**  |
| **Members** | Priya Patil **Chair**<br>Russell Ball<br>Patrick Loftus-Hills | **Meetings in 2025: 5**  |
| The **Compensation and Nominating Committee** consists of Ms. Patil (Chair), Mr. Ball and Mr. Loftus-Hills and is composed entirely of independent directors. The Compensation and Nominating Committee operates pursuant to a charter approved by the Board of Directors. The Compensation and Nominating Committee recommends and advises the independent directors of the Board of Directors with respect to the compensation for the CEO. The Compensation and Nominating Committee also recommends and advises the Board of Directors with respect to the compensation of directors and other executive officers. The Compensation and Nominating Committee makes recommendations to the Board of Directors regarding the establishment and terms of our employee equity-based incentive plans and will administer such plans. The Compensation and Nominating Committee identifies and nominates members for appointment and election to the Board of Directors and develops and recommends to the Board of Directors corporate governance principles applicable to us.<br>The Compensation and Nominating Committee also oversees the annual evaluation of the Board of Directors' performance. Pursuant to its charter, the Compensation and Nominating Committee may delegate any of its responsibilities to a subcommittee composed of one or more members of the Compensation and Nominating Committee.<br>The Compensation and Nominating Committee recognizes the importance of using an independent compensation consulting firm that is appropriately qualified to provide services to the Board of Directors. In October 2025, the Compensation and Nominating Committee engaged Hugessen Consulting to act as an independent compensation consultant to the Compensation and Nominating Committee. Our Compensation and Nominating Committee determined that Hugessen had no conflicts of interest in providing services to the Compensation and Nominating Committee and was independent. Services provided in fiscal year 2025 were to act as an independent compensation consultant to review executive / director pay, assist in developing a benchmarking peer group and initiate benchmarking analysis for fiscal year 2026.<br>***Director Nominations***<br>Director nominees are considered by our Compensation and Nominating Committee on a case-by-case basis. A candidate for election to our Board of Directors must possess the ability to apply good business judgment and must be in a position to properly exercise his or her duties of loyalty and care in his or her representation of the interests of stockholders. Candidates should also exhibit proven leadership capabilities, high integrity, and experience with a high level of responsibilities within their chosen fields and have the ability to quickly grasp complex principles of business, finance, and transactions regarding the Company's industry.<br>The Compensation and Nominating Committee will consider these criteria for nominees identified by the Compensation and Nominating Committee or the Board of Directors, by stockholders, or through other sources. When current directors are considered for nomination for reelection, the Compensation and Nominating Committee will take into consideration their prior contributions and performance as well as the composition of our Board of Directors as a whole, including whether the Board of Directors reflects the appropriate balance of independence, sound judgment, business specialization, technical skills, diversity, and other desired qualities. The Compensation and Nominating Committee will make a preliminary assessment of each proposed nominee based upon the résumé and biographical information, an indication of the individual's willingness to serve, and other relevant information. This information will be evaluated against the criteria set forth above and the specific needs of the Company at that time. Based upon a preliminary assessment of the candidate(s), those who appear best suited to meet the needs of the Company may be invited to participate in a series of interviews, which are used as a further means of evaluating potential candidates. On the basis of information learned during this process, the Compensation and Nominating Committee will determine which nominee(s) to submit for election, with final approval of any candidate being determined by the Board of Directors. The Compensation and Nominating Committee will use the same process for evaluating all nominees, regardless of the original source of the nomination.<br>It is our Compensation and Nominating Committee's responsibility to consider stockholder proposals for nominees for election as directors that are nominated in accordance with our Amended and Restated Certificate of Incorporation and our bylaws, and other applicable laws, including the rules and regulations of the SEC and any stock market on which our stock is listed for trading or quotation. Generally, such recommendations made by a stockholder entitled to notice of, and to vote at, the meeting at which such proposed nominee is to be considered are required to be written and received by the Corporate Secretary of the Company by no later than the close of business on the 120<sup>th</sup> day, nor earlier than the close of business of the 150<sup>th</sup> day in advance of the first anniversary of the preceding year's annual meeting of stockholders. The notice must set forth all of the information required by the Company's bylaws. | The **Compensation and Nominating Committee** consists of Ms. Patil (Chair), Mr. Ball and Mr. Loftus-Hills and is composed entirely of independent directors. The Compensation and Nominating Committee operates pursuant to a charter approved by the Board of Directors. The Compensation and Nominating Committee recommends and advises the independent directors of the Board of Directors with respect to the compensation for the CEO. The Compensation and Nominating Committee also recommends and advises the Board of Directors with respect to the compensation of directors and other executive officers. The Compensation and Nominating Committee makes recommendations to the Board of Directors regarding the establishment and terms of our employee equity-based incentive plans and will administer such plans. The Compensation and Nominating Committee identifies and nominates members for appointment and election to the Board of Directors and develops and recommends to the Board of Directors corporate governance principles applicable to us.<br>The Compensation and Nominating Committee also oversees the annual evaluation of the Board of Directors' performance. Pursuant to its charter, the Compensation and Nominating Committee may delegate any of its responsibilities to a subcommittee composed of one or more members of the Compensation and Nominating Committee.<br>The Compensation and Nominating Committee recognizes the importance of using an independent compensation consulting firm that is appropriately qualified to provide services to the Board of Directors. In October 2025, the Compensation and Nominating Committee engaged Hugessen Consulting to act as an independent compensation consultant to the Compensation and Nominating Committee. Our Compensation and Nominating Committee determined that Hugessen had no conflicts of interest in providing services to the Compensation and Nominating Committee and was independent. Services provided in fiscal year 2025 were to act as an independent compensation consultant to review executive / director pay, assist in developing a benchmarking peer group and initiate benchmarking analysis for fiscal year 2026.<br>***Director Nominations***<br>Director nominees are considered by our Compensation and Nominating Committee on a case-by-case basis. A candidate for election to our Board of Directors must possess the ability to apply good business judgment and must be in a position to properly exercise his or her duties of loyalty and care in his or her representation of the interests of stockholders. Candidates should also exhibit proven leadership capabilities, high integrity, and experience with a high level of responsibilities within their chosen fields and have the ability to quickly grasp complex principles of business, finance, and transactions regarding the Company's industry.<br>The Compensation and Nominating Committee will consider these criteria for nominees identified by the Compensation and Nominating Committee or the Board of Directors, by stockholders, or through other sources. When current directors are considered for nomination for reelection, the Compensation and Nominating Committee will take into consideration their prior contributions and performance as well as the composition of our Board of Directors as a whole, including whether the Board of Directors reflects the appropriate balance of independence, sound judgment, business specialization, technical skills, diversity, and other desired qualities. The Compensation and Nominating Committee will make a preliminary assessment of each proposed nominee based upon the résumé and biographical information, an indication of the individual's willingness to serve, and other relevant information. This information will be evaluated against the criteria set forth above and the specific needs of the Company at that time. Based upon a preliminary assessment of the candidate(s), those who appear best suited to meet the needs of the Company may be invited to participate in a series of interviews, which are used as a further means of evaluating potential candidates. On the basis of information learned during this process, the Compensation and Nominating Committee will determine which nominee(s) to submit for election, with final approval of any candidate being determined by the Board of Directors. The Compensation and Nominating Committee will use the same process for evaluating all nominees, regardless of the original source of the nomination.<br>It is our Compensation and Nominating Committee's responsibility to consider stockholder proposals for nominees for election as directors that are nominated in accordance with our Amended and Restated Certificate of Incorporation and our bylaws, and other applicable laws, including the rules and regulations of the SEC and any stock market on which our stock is listed for trading or quotation. Generally, such recommendations made by a stockholder entitled to notice of, and to vote at, the meeting at which such proposed nominee is to be considered are required to be written and received by the Corporate Secretary of the Company by no later than the close of business on the 120<sup>th</sup> day, nor earlier than the close of business of the 150<sup>th</sup> day in advance of the first anniversary of the preceding year's annual meeting of stockholders. The notice must set forth all of the information required by the Company's bylaws. | The **Compensation and Nominating Committee** consists of Ms. Patil (Chair), Mr. Ball and Mr. Loftus-Hills and is composed entirely of independent directors. The Compensation and Nominating Committee operates pursuant to a charter approved by the Board of Directors. The Compensation and Nominating Committee recommends and advises the independent directors of the Board of Directors with respect to the compensation for the CEO. The Compensation and Nominating Committee also recommends and advises the Board of Directors with respect to the compensation of directors and other executive officers. The Compensation and Nominating Committee makes recommendations to the Board of Directors regarding the establishment and terms of our employee equity-based incentive plans and will administer such plans. The Compensation and Nominating Committee identifies and nominates members for appointment and election to the Board of Directors and develops and recommends to the Board of Directors corporate governance principles applicable to us.<br>The Compensation and Nominating Committee also oversees the annual evaluation of the Board of Directors' performance. Pursuant to its charter, the Compensation and Nominating Committee may delegate any of its responsibilities to a subcommittee composed of one or more members of the Compensation and Nominating Committee.<br>The Compensation and Nominating Committee recognizes the importance of using an independent compensation consulting firm that is appropriately qualified to provide services to the Board of Directors. In October 2025, the Compensation and Nominating Committee engaged Hugessen Consulting to act as an independent compensation consultant to the Compensation and Nominating Committee. Our Compensation and Nominating Committee determined that Hugessen had no conflicts of interest in providing services to the Compensation and Nominating Committee and was independent. Services provided in fiscal year 2025 were to act as an independent compensation consultant to review executive / director pay, assist in developing a benchmarking peer group and initiate benchmarking analysis for fiscal year 2026.<br>***Director Nominations***<br>Director nominees are considered by our Compensation and Nominating Committee on a case-by-case basis. A candidate for election to our Board of Directors must possess the ability to apply good business judgment and must be in a position to properly exercise his or her duties of loyalty and care in his or her representation of the interests of stockholders. Candidates should also exhibit proven leadership capabilities, high integrity, and experience with a high level of responsibilities within their chosen fields and have the ability to quickly grasp complex principles of business, finance, and transactions regarding the Company's industry.<br>The Compensation and Nominating Committee will consider these criteria for nominees identified by the Compensation and Nominating Committee or the Board of Directors, by stockholders, or through other sources. When current directors are considered for nomination for reelection, the Compensation and Nominating Committee will take into consideration their prior contributions and performance as well as the composition of our Board of Directors as a whole, including whether the Board of Directors reflects the appropriate balance of independence, sound judgment, business specialization, technical skills, diversity, and other desired qualities. The Compensation and Nominating Committee will make a preliminary assessment of each proposed nominee based upon the résumé and biographical information, an indication of the individual's willingness to serve, and other relevant information. This information will be evaluated against the criteria set forth above and the specific needs of the Company at that time. Based upon a preliminary assessment of the candidate(s), those who appear best suited to meet the needs of the Company may be invited to participate in a series of interviews, which are used as a further means of evaluating potential candidates. On the basis of information learned during this process, the Compensation and Nominating Committee will determine which nominee(s) to submit for election, with final approval of any candidate being determined by the Board of Directors. The Compensation and Nominating Committee will use the same process for evaluating all nominees, regardless of the original source of the nomination.<br>It is our Compensation and Nominating Committee's responsibility to consider stockholder proposals for nominees for election as directors that are nominated in accordance with our Amended and Restated Certificate of Incorporation and our bylaws, and other applicable laws, including the rules and regulations of the SEC and any stock market on which our stock is listed for trading or quotation. Generally, such recommendations made by a stockholder entitled to notice of, and to vote at, the meeting at which such proposed nominee is to be considered are required to be written and received by the Corporate Secretary of the Company by no later than the close of business on the 120<sup>th</sup> day, nor earlier than the close of business of the 150<sup>th</sup> day in advance of the first anniversary of the preceding year's annual meeting of stockholders. The notice must set forth all of the information required by the Company's bylaws. |

---

13<br>

------

#### MEETINGS AND ATTENDANCE
In 2025, the Board of Directors held seven meetings, the Compensation and Nominating Committee held five meetings, the Audit Committee held five meetings, and the Health, Safety and Environmental Committee held four meetings. Each director during their tenure in 2025, who served as a director participated in 100% of the meetings of the committees on which he or she served during the year ended on December 31, 2025, which were held during the period that such director served. The Board of Directors as a whole achieved an average attendance rate of 93% at its seven meetings.

During all Board and Committee meetings, the independent directors have an opportunity to meet privately without the presence of management.

While directors are encouraged to attend the Annual Meeting, there is no formal policy requiring their attendance. Notably, 8 of 9 of our directors were present at our 2025 Annual Meeting of Stockholders.

#### CODE OF BUSINESS CONDUCT AND ETHICS
Our Board of Directors has adopted a Code of Business Conduct and Ethics (the "Code") applicable to our employees, directors, and officers, in accordance with applicable United States federal securities laws and the corporate governance requirements of the NYSE American.

The Board of Directors is responsible for overseeing the Code and must approve any waivers of the Code for executive officers and directors. Any waivers of the Code for directors or executive officers must be approved by our Board of Directors and disclosed on Form 8-K within four business days after the occurrence of the event. We expect that any amendments to the Code, or any waivers of its requirements with respect to our executive officers and directors, will be disclosed on our website.

#### COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
Our Compensation and Nominating Committee members during the fiscal year ended December 31, 2025, were Ms. Patil, Mr. Ball and Mr. Loftus-Hills. No members of our Compensation and Nominating Committee who served during the last fiscal year is, or has ever been, an officer or employee of the Company or any of its subsidiaries, nor have any of them had any relationship that requires disclosure as a related party transaction under Item 404 of Regulation S-K. In addition, none of our executive officers currently serves, or during the past fiscal year served, (i) as a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of any entity that had one or more executive officers serving on our Board of Directors or our Compensation and Nominating Committee or, (ii) as a director of any entity one of whose executive officers served on our Compensation and Nominating Committee.

#### COMMUNICATION WITH THE BOARD OF DIRECTORS
Any stockholder desiring to communicate with our Board of Directors, or one or more of our directors, may send a letter addressed to the Board of Directors, Ivanhoe Electric Inc. at 450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281, Attention: Corporate Secretary. The Corporate Secretary will review and forward to the appropriate members of the Board of Directors copies of all such correspondence that, in the opinion of the Corporate Secretary, deals with the functions of the Board of Directors or its committees or that the Corporate Secretary otherwise determines requires their attention. Concerns relating to accounting, internal controls or auditing matters will be brought promptly to the attention of the Chair of the Audit Committee.

### NON-EMPLOYEE DIRECTOR COMPENSATION

#### NON-EMPLOYEE DIRECTOR EQUITY COMPENSATION POLICY
In 2025, we paid each non-employee director a base fee of $130,000 annually, of which $30,000 is paid in cash and $100,000 annually is paid in equity. The Compensation and Nominating Committee and the Board of Directors have the discretion to make the equity grants in the form of deferred share units ("DSUs") or other equity such as restricted stock units ("RSUs") or stock options (collectively "Equity") at their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;• If the Equity grant is in the form of DSUs:

° The grant will be lump-sum in March once the Company is out of blackout, unless otherwise determined by the Board of Directors.

---

| | |
|:---|:---|
| ° | DSUs vest at the end of each calendar quarter in the year of grant, such that 100% of DSUs vest at the end of Year 1.  |

---

° If a director's Termination of Service occurs during the vesting year, vesting is pro-rata for the year.

° Accelerated vesting and settlement in cases of death or disability.

° Settlement of any vested DSUs occurs in shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Company prescribes the settlement date, then settlement is at the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;i) 3 years from grant date, or

ii) at Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;• If directors elect the settlement date, then they shall elect between:

&nbsp;&nbsp;&nbsp;&nbsp;i) the earlier of 3 years from grant date or at Termination of Service, or

ii) at Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;• If the equity grant is in the form of Equity other than DSUs:

° The Board of Directors shall determine the terms of such award in accordance with terms of the 2022 Long Term Incentive Plan ("LTIP").

14<br>

------

#### **TABLE OF CONTENTS**
The $30,000 annual cash retainer is paid in bi-annual installments on or about June 30 and December 31. We also pay directors who serve on a committee an additional $5,000 cash retainer and a director who is the chair of a committee receives an additional $10,000 except the Audit Committee Chair who receives an additional $15,000.

For 2026, we have approved increasing the base fee to $170,000, of which $40,000 will be paid in cash and $130,000 will be paid in equity, and increasing it to $12,500 the fee for chairing a committee other than the Audit Committee.

A director may choose to take his or her cash retainer in Equity instead of cash. If Equity is selected by the Director, then:

&nbsp;&nbsp;&nbsp;&nbsp;• If Equity is offered in DSUs:

° The grant will be lump-sum in March once the Company is out of blackout, unless otherwise determined by the Board of Directors.

---

| | |
|:---|:---|
| ° | DSUs vest at the end of each calendar quarter in the year of grant, such that 100% of DSUs vest at the end of Year 1.  |

---

° If a Director's Termination of Service occurs during the vesting year, vesting is pro-rata for the year.

° Accelerated vesting and settlement in cases of death or disability.

° Settlement of any vested DSUs occurs in shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• If Company prescribes settlement date, then settlement at the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;i) 3 years from grant date, or

ii) at Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;• If Directors elect settlement date (must elect by Dec. 31 of prior year), then they can elect between:

&nbsp;&nbsp;&nbsp;&nbsp;i) the earlier of 3 years from grant date or at Termination of Service, or

ii) at Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;• If Equity is offered in a form other than DSUs:

° The Board of Directors shall determine the terms of such award in accordance with terms of the LTIP.

The Non-Employee Director Equity Compensation Policy described above does not apply to our employees and executive directors, whose compensation is set forth below under "Executive Compensation."

The table below provides information on the director compensation earned in 2025 for persons who were our directors as of December 31, 2025, as well as those individuals who served as a director at any time during that fiscal year.

#### FISCAL YEAR 2025 NON-EMPLOYEE DIRECTOR COMPENSATION TABLE

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Fees**<br>**Earned or Paid in**<br>**Cash ($)** | **Stock**<br>**Awards<sup>(3)</sup>($)** | **Option Awards ($)** | **All Other**<br>**Compensation ($)** | **Total ($)**  |
| Russell Ball | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $149998  |
| Sofia Bianchi<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$134997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $134997  |
| Victoire de Margerie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $129998  |
| Hirofumi Katase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $129998  |
| Patrick Loftus-Hills | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $139998  |
| Priya Patil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $144998  |
| Ronald Vance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45000 | &nbsp;&nbsp;&nbsp;&nbsp;$99998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $144998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Friedland and Mr. Melvin's compensation is shown below under "Executive Compensation." They are not paid for acting as directors, but only in their capacity as executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Ms. Bianchi elected to receive the cash portion of her director compensation for fiscal year 2025 in stock awards.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents the grant date fair value of Deferred Stock Units ("DSUs") granted to the directors determined in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 718 ("ASC 718"). Each non-employee director had the following number of outstanding equity at the end of fiscal year 2025: Ball 23,345 DSUs and 28,927 stock options; Bianchi 26,167 DSUs and 28,927 stock options; de Margerie 23,345 DSUs and 28,927 stock options; Katase 23,345 DSUs and 28,927 stock options; Loftus-Hills 22,067 DSUs and 28,927 stock options; Patil 23,345 DSUs and 28,927 stock options; and Vance 20,652 DSUs and 28,927 stock options.

15<br>

------

#### **TABLE OF CONTENTS**

### PROPOSAL TWO

#### NON-BINDING, ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION

#### Overview
We are seeking stockholders' non-binding, advisory approval of the compensation for our Named Executive Officers, as detailed in the "Compensation Discussion and Analysis," accompanying compensation tables, and related narrative in this proxy statement. Proposal Two, often referred to as a "Say on Pay" proposal, provides stockholders the opportunity to approve, reject, or abstain from voting on our executive compensation programs and policies for fiscal year 2025, as well as the compensation awarded to the Named Executive Officers. This vote addresses overall executive compensation as described in this proxy statement, rather than any specific component of compensation.

The proposal enables stockholders to express their views on the decisions made by the Compensation and Nominating Committee and the Board of Directors regarding the prior year's compensation for the Named Executive Officers. While this advisory vote is not binding on the Company, the Board of Directors, or the Compensation and Nominating Committee, it serves as an important tool for providing feedback. This input helps guide the Board of Directors and Compensation and Nominating Committee in refining the Company's executive compensation practices to better align with the interests of the Company and its stockholders, in keeping with our commitment to robust corporate governance standards.

The Board recommends that stockholders approve the following advisory resolution:

"**RESOLVED**, that the stockholders hereby approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in this proxy statement including the compensation tables and narrative disclosure."

#### Vote Required
Approval of the non-binding, advisory vote on the approval of our executive compensation (Proposal 2) will require the affirmative vote of the holders of a majority of the stock present in person or by proxy entitled to vote (excluding broker non-votes). Unless otherwise instructed, the Named Proxies will vote properly executed proxies timely received "FOR" Proposal 2.

#### THE BOARD OF DIRECTORS RECOMMENDS A VOTE " FOR " THE APPROVAL OF OUR EXECUTIVE COMPENSATION.
16<br>

------

#### **TABLE OF CONTENTS**

### COMPENSATION DISCUSSION AND ANALYSIS
Below is a discussion and analysis of our compensation programs as they pertain to our Chief Executive Officer, Chief Financial Officer, and the three other highest-paid executive officers for fiscal year 2025. At December 31, 2025, these individuals, collectively referred to as the Named Executive Officers (the "NEOs"), consist of our Executive Chairman of the Board of Directors Robert Friedland, principal executive officer ("PEO") Taylor Melvin, our principal financial officer ("PFO") Jordan Neeser, Quentin Markin and Cassandra Joseph.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from the currently planned programs summarized in this discussion.

#### ROLES OF THE COMPENSATION AND NOMINATING COMMITTEE AND MANAGEMENT
Priya Patil (Chair), Russell Ball, and Patrick Loftus-Hills serve as members of the Compensation and Nominating Committee. The Compensation and Nominating Committee is tasked with implementing and supporting the Board of Directors in fulfilling its oversight responsibilities regarding the Executive Chairman, Chief Executive Officer and other executive officer compensation, the development and terms of employee equity-based incentive plans, and the administration of those plans. Each Compensation and Nominating Committee member is an independent director with extensive expertise and a comprehensive understanding of compensation strategies and options.

The Compensation Committee considered the results of the Company's most recent shareholder advisory vote on executive compensation and, together with other factors, such as market and peer benchmarking, used this feedback in evaluating executive compensation policies and decisions for the current year. Because the shareholder advisory vote showed overwhelming support for approval of the Company's executive compensation, no changes were made to executive compensation for fiscal year 2025 as a result of the advisory vote.

Management plays an important role in executive compensation decisions by providing relevant data and making recommendations to the Compensation and Nominating Committee.

---

| | |
|:---|:---|
| **Role of Compensation and Nominating Committee** | **Role of Management**  |
| In fulfilling its mandate, the Compensation and Nominating Committee is responsible for the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>• reviewing performance of NEOs and other executive officers;<br>&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the Chief Executive Officer compensation and providing recommendations to the Board of Directors;<br>&nbsp;&nbsp;&nbsp;&nbsp;• reviewing proposed compensation of the NEOs and other executive officers and providing recommendations to the Board of Directors;<br>&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and providing recommendations to the Board of Directors broader policies on compensation; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• reporting regularly to the Board of Directors on all of Compensation and Nominating Committee activities during the year.<br>| Management makes recommendations to the Compensation and Nominating Committee and keeps the committee informed of best practices regarding the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;• the annual Company objectives;<br>&nbsp;&nbsp;&nbsp;&nbsp;• the annual individual objectives and goals of the NEOs and other executive officers;<br>&nbsp;&nbsp;&nbsp;&nbsp;• proposed compensation adjustments for the NEOs and other executive officers, excluding the Executive Chairman and Chief Executive Officer;<br>&nbsp;&nbsp;&nbsp;&nbsp;• the Company's policies on compensation; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• equity-based compensation plans and amendments to such plans, as necessary.<br>|

---

In matters of executive pay decisions, management serves solely in an advisory and informational role. The Compensation and Nominating Committee is responsible for recommending compensation for the Executive Chairman, Chief Executive Officer, NEOs and other executive officers to the Board of Directors for approval.

17<br>

------

#### **TABLE OF CONTENTS**

#### ANNUAL COMPENSATION CYCLE AND DECISION-MAKING PROCESS
Our compensation programs are strategically designed to motivate executives while allowing them to share in the growth of our business. The Company has demonstrated considerable success in attracting and retaining top talent, as evidenced by consistently low turnover rates among our NEOs and other executive officers. Additionally, in the view of the Compensation and Nominating Committee, these programs have played a significant role in supporting the Company's executive retention and competitive positioning. As such, the Committee believes it is in the Company's best interest to continue these programs.

---

| | | |
|:---|:---|:---|
| **COMPENSATION ELEMENT** | **OBJECTIVE** | **KEY COMPONENTS**  |
| &nbsp;&nbsp;**BASE SALARY**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Cash*** | • Attract and retain top executive talent by offering competitive salaries.<br>| • Annual individual review of goals and objectives. <br>|
| &nbsp;&nbsp;**SHORT TERM INCENTIVES**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Cash Bonus*** | • Reward and motivate executives to meet or exceed annual performance goals.<br>| • Determined by individual employment agreements<br>• Target is based on Company and individual performance <br>|
| &nbsp;&nbsp;**LONG TERM INCENTIVE PLAN**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Stock Option Awards*** | • Retain top talent by awarding opportunity to share directly in the Company's success through stock holdings.<br>| • 3-year ratable vesting to promote long-term commitment. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;***Restricted Stock Unit ("RSU") Award*** | • Incentivize executives to remain with the Company and invest in its growth. <br>| • 3-year ratable vesting to promote long-term commitment. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;***Performance Share Unit ("PSU") Awards<sup>(1)</sup>*** | • Incentivize and reward executive officers for achieving multi-year strategic objectives.<br>| • 3-year cliff vesting based on performance measured by TSR relative to our peers. <br>|
| &nbsp;&nbsp;**BENEFITS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Healthcare, 401k, Disability, Life Insurance, Relocation Costs*** | • Ensure the health and well-being of executives.<br>• Provide long-term financial investments for executives' post-retirement.<br>| • Executives receive the same health benefit programs as other salaried employees.<br>• Company contributes 3% of the executive's salary toward their 401k.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Long Term Incentive Plan refers to this type of award as an RSU with performance criteria; however, for purposes of this proxy statement we refer to them as PSUs.

#### EQUITY COMPENSATION
All equity compensation awards are granted to the NEOs under the 2022 Long Term Incentive Plan and short-term incentives are issued pursuant to the terms of each NEO's individual employment agreement. Details of these agreements can be found in the section of this proxy statement titled "Executive Compensation - Executive Employment Agreements."

Our practice is to grant stock-based awards shortly after the Company's blackout period ends, which is at least two trading days after the release of any material non-public information or other corporate events. All equity grants for NEOs and other executive officers are recommended by the Compensation and Nominating Committee and submitted to the Board of Directors for approval during a regularly scheduled meeting, typically held within the first quarter of the year. The grant date is a fixed, future date that is outside of a blackout, which is specified at the time of approval by the Board of Directors.

Equity grants to NEOs are generally issued during the first half of the year. A stock option award represents a contractual right to purchase shares at a future date for a specified exercise price. The per-share exercise price of a stock option, as recommended by the Compensation and Nominating Committee to the Board of Directors for approval, cannot be less than the closing price of our common stock on the grant date, or a higher price if required by TSX rules.

Restricted Stock Units (RSUs) and Performance Share Units (PSUs) may be subject to time-based or performance-based vesting criteria. RSUs with performance-based vesting are referred to as PSUs. The Compensation and Nominating Committee has broad discretion in defining performance criteria for awards, including the establishment of performance goals. The terms, conditions, and limitations of any stock award, including applicable vesting schedules or restrictions, are recommended by the Compensation and Nominating Committee and approved by the Board of Directors.

18<br>

------

#### **TABLE OF CONTENTS**

#### 2022 LONG TERM INCENTIVE PLAN AWARDS
The Company grants awards under the 2022 Long Term Incentive Plan ("LTIP") annually, typically once out of blackout after the filing of the Audited Financial Statements on Form 10-K. The LTIP is intended to incentivize executive retention by awarding equity that vests over time contingent upon continued employment.

In 2025, the LTIP targets for NEOs were set at 200% of base salary and LTIP awards were granted at 100% of target and consisted of a combination of PSUs and RSUs, designed to align executive compensation with Company performance, stockholder interests, and the achievement of multi-year strategic objectives. PSUs directly link a significant portion of executive compensation to the achievement of specified performance metrics over a multi-year period, reinforcing accountability for long-term results. RSUs complement these awards by supporting executive retention, promoting leadership stability, and maintaining alignment with stockholder interests through continued equity ownership, even in periods when performance-based outcomes may be uncertain due to external market factors.

Mr. Melvin's award consisted of 60% PSUs and 40% RSUs, while the awards granted to Mr. Neeser, Mr. Markin, and Ms. Joseph consisted of 50% PSUs and 50% RSUs. The mix of PSUs and RSUs was determined to appropriately balance performance-based and time-based equity incentives, with a greater emphasis on performance-based compensation at more senior levels of the organization to further align executive pay with the Company's performance.

Pursuant to the compensation arrangement between the Company and its Executive Chairman Robert Friedland, the Company awarded Mr. Friedland an annual base salary for 2025, short-term incentive award for prior services, and long-term incentive awards for 2025 in the form of equity consisting of 60% PSUs and 40% RSUs, pursuant to the Company's equity based incentive plans and associated award agreements. Mr. Friedland was paid in equity in order to support his alignment with stockholder interests.

#### SHORT TERM INCENTIVE AWARDS
The Company grants short term incentives ("STIP") annually in cash awards to NEOs, with the exception of our Executive Chairman Robert Friedland who receives his STIP in equity-based awards. STIP awards are typically distributed within the first quarter of the year and are designed to motivate and reward executives for achieving or exceeding annual performance objectives that advance the Company's strategic and operational priorities.

STIP targets for NEOs are capped at 100% of Base Salary, reinforcing the Company's pay-for-performance structure and ensuring that executive compensation remains closely aligned with Company results. In 2025, STIP awards were determined based on the level of achievement of pre-established performance goals, as assessed at the discretion of the Compensation and Nominating Committee. While the Compensation and Nominating Committee evaluates performance and recommends award levels, the Board of Directors retains ultimate authority over the approval and determination of all STIP award amounts. The 2025 STIP program focused on the Company's performance objectives in the following areas of focus:

---

| | | |
|:---|:---|:---|
| ![](ny20062456x1_awards1.jpg)<br>| ![](ny20062456x1_awards4.jpg)<br>| ![](ny20062456x1_awards3.jpg)<br>|
| **Health, Safety and Environment** | **Operational Performance** | **Corporate Development**  |
| Emphasis on safety awareness, robust incident reporting, and effective injury-risk management. | Development of the Santa Cruz Copper Project and execution of global exploration programs to search for critical minerals. | Evaluation and analysis of strategic opportunities that advance the Company's long-term objectives. |

---

#### PSU PROGRAM DESIGN
The PSU program was a key part of our equity compensation structure in 2025. The Company's PSU program is designed to align management's long-term compensation with shareholder returns, ensuring that leadership remains committed to delivering sustainable value.

Under this program, PSUs cliff vest after a three-year performance period, with the number of units earned based on the Company total shareholder return ("IE TSR") relative to the total shareholder return of the S&P/ TSX Equal Weight Global Base Metals Index constituents ("Peer TSR"), a key industry benchmark. This performance metric, referred to as Relative Total Shareholder Return (rTSR), directly links executive compensation to market performance, reinforcing accountability and long-term strategic execution.

The calculation of rTSR will be based on the following standards:

&nbsp;&nbsp;&nbsp;&nbsp;• "IE TSR" means the total shareholder return of the Company, calculated in the manner determined by the Board, based on the appreciation in the price of the applicable securities on the NYSE American (or, if the Company's Shares cease to be traded on the NYSE American prior to the end of the performance period, such other trading market as may be determined by the Board, or if the shares cease to be traded on any trading market, based on the fair market value as determined by the Board) during the performance period, plus the value of any distributions or dividends on such securities during the performance period (which shall be deemed to have been reinvested in additional securities effective on the distribution or dividend date based on the closing price of such securities for purpose of measuring IE TSR). The starting IE TSR will be calculated using the 40-trading day trailing volume weighted average price of the shares on the NYSE American on the first day of the performance period, and the ending IE TSR will be calculated using the 40-trading day trailing volume weighted average price of the shares on the NYSE American on the last day of the performance period.

&nbsp;&nbsp;&nbsp;&nbsp;• "Peer TSR" means the total shareholder return of the respective S&P/TSX Equal Weight Global Base Metals Index constituents, calculated in the manner determined by the Board, based on the appreciation in the price of the applicable securities on the

19<br>

------

#### **TABLE OF CONTENTS**
relevant listing as used by the Index during the performance period, plus the value of any distributions or dividends on such securities during the performance period (which shall be deemed to have been reinvested in additional securities effective on the distribution or dividend date based on the closing price of such securities for purpose of measuring Peer TSR). The starting Peer TSR will be calculated using the 40-trading day trailing volume weighted average price of the shares of the respective S&P/TSX Equal Weight Global Base Metals Index constituents on the first day of the performance period, and the ending Peer TSR will be calculated using the 40-trading day trailing volume weighted average price of the shares of the respective S&P/TSX Equal Weight Global Base Metals Index constituents on the last day of the performance period.

&nbsp;&nbsp;&nbsp;&nbsp;• For a company to be included as a peer for relative TSR calculation purposes, it must be a constituent of the S&P/TSX Equal Weight Global Base Metals Index for the entirety of the performance period. For clarity, if a company is added to the S&P/TSX Equal Weight Global Base Metals Index after the beginning of the performance period, or is removed from the S&P/TSX Equal Weight Global Base Metals Index prior to the end of the performance period, it will not be included for relative TSR comparison purposes.

&nbsp;&nbsp;&nbsp;&nbsp;• In determining the Company's share price and those of the constituents of the S&P/TSX Equal Weight Global Base Metals Index at the beginning and end of the performance period, a forty-day (40) trailing volume weighted average price will be used.

The amount vested may range from nil to 2.0x, as discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Company's share price performs in line with the 50<sup>th</sup> percentile, executives receive a 1.0x PSU payout.

&nbsp;&nbsp;&nbsp;&nbsp;• If performance reaches or exceeds the 75<sup>th</sup> percentile, the payout increases to 2.0x PSUs, reflecting superior shareholder value creation.

&nbsp;&nbsp;&nbsp;&nbsp;• If performance falls below expectations, the payout is adjusted accordingly, ensuring a performance-driven compensation structure. If performance falls below the 25<sup>th</sup> percentile there is no payout.

&nbsp;&nbsp;&nbsp;&nbsp;• Any performance between the 25<sup>th</sup> and 75th percentile is interpolated on a linear basis.

By aligning executive incentives with stockholder interests, the PSU program supports long-term value creation, talent retention, and industry outperformance, reinforcing the Company's commitment to delivering strong and sustainable long-term returns.

#### COMPENSATION RISK MANAGEMENT
The Committee shall review on a periodic basis the operation of the Company's compensation program to evaluate its coordination and execution, including alignment between risk management and compensation practices to avoid unnecessary risk taking, and shall recommend to the Board of Directors steps to modify compensation programs that provide benefits or payments that are not reasonably related or are disproportionate to the benefits received by the Company.

#### INDEPENDENT EXECUTIVE COMPENSATION EVALUATION
In January 2024, the Compensation and Nominating Committee engaged Hugessen Consulting Inc. ("Hugessen") to serve as the Company's independent compensation consultant and to review executive and director compensation and to assist in the design and framework for the Company's Performance Share Unit program. The insights and market analysis provided by Hugessen helped inform the Committee of the appropriate PSU and RSU mix for 2025 long term incentive awards, enabling the Committee to make recommendations to the Board of Directors based on current market practices and competitive data. This process supports the Company's objective of maintaining a compensation framework that is market-competitive, performance-driven, and aligned with strong governance practices and stockholder interests.

In October 2025, the Compensation and Nominating Committee engaged Hugessen and was tasked with reviewing our compensation practices against market data to ensure competitiveness and alignment with best practices. This review focused on ensuring that our equity compensation structure remains attractive, equitable, and aligned with market trends, enabling us to retain and motivate top talent while delivering long term value to our stockholders. Services provided in fiscal year 2025 were to act as an independent compensation consultant to review executive and director pay, assist in developing a benchmarking peer group and initiate benchmarking analysis for fiscal year 2026.

The insights provided by Hugessen allowed the Compensation and Nominating Committee to make informed recommendations based on current market data to the Board of Directors. This ensures that our compensation framework remains both market-competitive and performance-driven, reflecting our commitment to robust governance and alignment with stockholder interests.

#### EMPLOYEE BENEFITS
Key benefits include paid vacation time, premiums for short-term and long-term disability insurance, a matching contribution and a discretionary 401(k) plan contribution, premiums for health insurance and life insurance and relocation costs.

20<br>

------

#### **TABLE OF CONTENTS**

### REPORT OF THE COMPENSATION AND NOMINATING COMMITTEE OF THE

### BOARD OF DIRECTORS
The Compensation and Nominating Committee of the Company's Board of Directors has submitted the following report for inclusion in this Proxy Statement: The Committee has reviewed and discussed with management the Compensation Discussion and Analysis contained in this Proxy Statement. Based on the review and discussions with management, the Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for filing with the SEC.

#### COMPENSATION AND NOMINATING COMMITTEE
Priya Patil, Chair

Russell Ball

Patrick Loftus-Hills

### COMPENSATION POLICIES AND PRACTICES

#### STOCK OWNERSHIP POLICY FOR EXECUTIVE OFFICERS AND NON-EMPLOYEE DIRECTORS
The Company's Board of Directors adopted and approved a Stock Ownership Policy for the Company's Executives Officers and Non-Employee Directors ("Stock Ownership Policy"), which became effective November 2, 2023. The Board of Directors and management believe that linking the personal financial interests of corporate executives and directors to the Company's success gives them a greater stake in the Company and enhances the alignment of the interests of those executives and directors with the interests of our stockholders. The Board of Directors believes that this alignment will benefit our stockholders. The Compensation and Nominating Committee shall have full authority to oversee the administration, implementation, interpretation, and modification of the Stock Ownership Policy.

The Board of Directors expects the following corporate executives and directors of the Company to acquire and hold common stock of Ivanhoe Electric having a fair market value (determined as set forth below) equal to the amounts specified below (the "Targeted Stock Ownership Amount"):

---

| | |
|:---|:---|
| Executive Chairperson of the Board of Directors | 3 times annual base salary  |
| President and Chief Executive Officer | 3 times annual base salary  |
| Chief Financial Officer | 2 times annual base salary  |
| Chief Operating Officer | 2 times annual base salary  |
| Other Executive Officers | 2 times annual base salary  |
| Non-Employee Directors | 3 times annual retainer |

---

Each Non-Employee Director, Executive Chairperson, President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and each other Executive Officer of the Company, (collectively referred to as the "Covered Persons") will be required to hold a number of shares of common stock of the Company ("Common Stock") or full-value Common Stock awards that are vested or subject only to time-based vesting.

The Targeted Stock Ownership Amount for each Covered Person shall be based on compensation as reported for the twelve (12) month period ending on December 31, and the number of shares of Common Stock to be held will be based on the higher of (a) the last closing price of the Common Stock on the NYSE American LLC in each year, and (b) (i) in the case of Common Stock, the cost basis of the Common Stock, and (ii) in the case of deferred share units, restricted stock units and other full-value Common Stock awards that have not yet resulted in the issuance of Common Stock, the fair market value of the underlying Common Stock on the award's grant date. Under this Stock Ownership Policy, Covered Persons must comply with these requirements within 60 months of January 1, 2024. Newly appointed Covered Persons must comply with this Policy within 60 months of their appointment.

Once achieved, ownership of the applicable Targeted Stock Ownership Amount should be maintained for as long as a Covered Person is subject to the Stock Ownership Policy. Covered Persons are strongly discouraged from dispositions of Common Stock until they have achieved their Targeted Stock Ownership Amount.

In the event that a Covered Person has not achieved his or her applicable Targeted Stock Ownership Amount by the effective date specified above, or the individual disposes of stock other than as permitted, then the Compensation and Nominating Committee may consider the level of stock ownership held by such individual and the disposition of stock as factors in making subsequent compensation and/or award decisions for the individual. The Board of Directors recognizes that exceptions to this Stock Ownership Policy may be necessary, appropriate, or advisable, in individual cases. The Compensation and Nominating Committee may approve such exceptions from time to time, as the Compensation and Nominating Committee deems appropriate.

#### CLAWBACK POLICY
The Company's Board of Directors adopted and approved a Clawback Policy, which became effective March 14, 2023. The Clawback Policy is the Company's commitment to creating and maintaining a culture of integrity and accountability within the Company, which reinforces the Company's pay-for-performance compensation philosophy and discourages actions detrimental to the Company's business performance and long-term success.

21<br>

------

#### **TABLE OF CONTENTS**
The Clawback Policy applies to the Company's current and former executive officers, as determined by the Board of Directors in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board of Directors ("Covered Executives"). The Clawback Policy covers Incentive Compensation received by a person after beginning service as a Covered Executive and who served as a Covered Executive at any time during the performance period for that Incentive Compensation.

The Clawback Policy describes the circumstances in which the Company will be required to recover, and Covered Executives will be required to repay or return, erroneously awarded compensation to the Company or any of its subsidiaries reported on a consolidated basis in accordance with the applicable rules of The New York Stock Exchange Listed Company Manual and Section 10D of the Exchange Act.

The Clawback Policy requires a clawback of compensation received during the three fiscal years immediately preceding the date the Company is required to prepare an accounting restatement due to the Company's material noncompliance with any financial reporting requirement under the securities laws. Among other things, the policy covers incentive-based compensation awarded on the basis of financial measures and prohibits the Company from indemnifying any Covered Executives against the loss of erroneously awarded compensation.

#### INSIDER TRADING COMPLIANCE POLICY
The Company maintains an Insider Trading Compliance Policy for its officers, directors, employees, consultants of the Company and its subsidiaries ("Covered Persons"). The Secretary may also designate additional classes of persons as Covered Persons for purposes of this policy. Covered Persons are responsible for ensuring that their immediate family members (e.g., spouses, children, stepchildren, parents, grandparents, stepparents, siblings, mothers-in-law, fathers-in-law, sons-in-law, daughters-in-law, brothers-in-law, or sisters-in-law) and members of their households also comply with this Policy. This Policy also applies to any entities controlled by individuals subject to the Policy, including any corporations, partnerships or trusts, and transactions by these entities should be treated for the purposes of this Policy and applicable securities laws as if they were for the individual's own account. The Company believes the policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the listing standards applicable to the Company.

To ensure compliance with the Insider Trading Compliance Policy and applicable United States federal securities laws and Canadian securities laws, and to avoid even the appearance of trading on the basis of inside information, procedures have been established, and will be maintained and enforced, by the Company to prevent insider trading.

The Insider Trading Compliance Policy prohibits officers, directors, certain employees, consultants of the Company and its subsidiaries from trading during specific periods beginning at market open on the day following the last trading day of the Company's fiscal quarter until after the Company's public disclosure of financial and operating results for that quarter. In addition, all transactions in the Company's or its subsidiaries' securities (including without limitation, acquisitions and dispositions of Company stock, the "net" or "cashless" exercise of stock options and the sale of Company stock issued upon exercise of stock options), other than exercises of stock options with cash or other equity awards or vesting of equity-based awards that do not involve a market sale of the Company's or its subsidiaries' securities must be pre-cleared by the Secretary, or if the Secretary is unavailable, the Company's Chief Financial Officer. As part of the pre-clearance process, the individual requesting pre-clearance must confirm that he or she is not in possession of material, non-public information, and the Company can only assume the truthfulness of your confirmation. Pre-clearance does not relieve the individual of his or her responsibility under SEC rules and applicable Canadian securities laws, and pre-clearance does not mean the individual's pre-cleared trade is legal. Trading remains at the risk of the individual.

The Company may impose additional restricted trading periods at any time if it believes trading by employees would not be appropriate because of developments at the Company that are, or could be, material. In addition, the Company requires pre-approval of trades in Company or its subsidiaries' securities and prohibits buying shares on margin or using shares as collateral for loans. Other than as stated in this paragraph and the stock ownership guidelines stated above, the Company does not have a holding period on common stock.

A copy of this policy is available on our website at *www.ivanhoeelectric.com.*

#### ANTI-HEDGING SECURITIES
The Company's Insider Trading Compliance Policy prohibits officers, directors, employees, consultants of the Company and its subsidiaries from engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company's and its subsidiaries' equity securities, whether such securities were granted as compensation or are otherwise held, directly or indirectly.

#### ANTI-SHORT SALES AND ANTI-MARGINS

#### Anti-Short Sales
Short sales of the Company's or its subsidiaries' securities evidence an expectation on the part of the seller that the securities will decline in value, and therefore signal to the market that the seller has no confidence in the Company or its short-term prospects. In addition, short sales may reduce the seller's incentive to improve the Company's performance. For these reasons, the Insider Trading Compliance Policy prohibits short sales of the Company's and its subsidiaries securities. In addition, Section 16(c) of the 1934 Act prohibits Section 16 reporting persons from making short sales of the Company's equity securities, i.e., sales of shares that the Insider does not own at the time of sale, or sales of shares against which the Insider does not deliver the shares within 20 days after the sale.

22<br>

------

#### **TABLE OF CONTENTS**

#### Anti-Margins
Purchasing on margin means borrowing from a brokerage firm, bank, or other entity in order to purchase the Company's or its subsidiaries' securities (other than in connection with a cashless exercise of stock options under applicable equity plans). Margin purchases of the Company's or its subsidiaries' securities are prohibited under the Insider Trading Compliance Policy. In addition, pledging the Company's or its subsidiaries' securities as collateral to secure loans is prohibited under the Insider Trading Compliance Policy. This prohibition includes, among other things, that an individual cannot hold the Company's or its subsidiaries' securities in a margin account (which would allow an individual to borrow against their holdings).

### EXECUTIVE OFFICERS
The following table sets forth information regarding our executive officers as of the date of this proxy statement.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Officer Since**  |
| Robert Friedland | 75 | Executive Chairman of the Board of Directors | 2022  |
| Taylor Melvin | 56 | President, Chief Executive Officer, and Director | 2022  |
| Jordan Neeser | 43 | Chief Financial Officer | 2022  |
| Quentin Markin | 53 | Executive Vice President, Business Development and Strategy Execution | 2023  |
| Cassandra Joseph | 54 | General Counsel and Corporate Secretary | 2023  |
| Graham Boyd | 40 | Senior Vice President, Exploration | 2022  |
| Glen Kuntz | 58 | Senior Vice President, Mine Development | 2022  |
| Stephani Terhorst | 47 | Vice President, Human Resources | 2023 |

---

---

| | |
|:---|:---|
| **Robert Friedland**  | **Executive Chairman of the Board of Directors**  |
| ![](ny20062456x1_robertfsmx1.jpg)<br>| **Mr. Friedland has served as Executive Chairman of the Board of Directors since November 21, 2022. For Mr. Friedland's biography, refer to the section of this proxy statement entitled "Board of Directors and Corporate Governance – Directors."**  |
| **Taylor Melvin**  | **President, Chief Executive Officer and Director**  |
| ![](ny20062456x1_taylormexe.jpg)<br>| **Mr. Melvin has served as our President, Chief Executive Officer, and member of our Board of Directors since November 2022. For Mr. Melvin's biography, refer to the section of this proxy statement entitled "Board of Directors and Corporate Governance – Directors."** |
| **Jordan Neeser** | **Chief Financial Officer**  |
| ![](ny20062456x1_jordannexe.jpg)<br>| **Mr. Neeser has served as our Chief Financial Officer since November 21, 2022. Since June 2024, he has served as a Director of Cordoba Minerals Corp. (TSXV:CDB). Mr. Neeser is a finance executive with over twenty years of experience in financial reporting, corporate development, and corporate finance, primarily in the mining sector. From March 2021, Mr. Neeser served as Chief Financial Officer and Corporate Secretary at Gold Standard Ventures until it was acquired by Orla Mining (TSX:OLA) in August 2022. He also served as Chief Financial Officer of Conifex Timber Inc. (TSX:CFF) from December 2018 to March 2021 and spent eight years with First Quantum (TSX:FM) as both Group Controller and Director, Business Development. Mr. Neeser started his career with KPMG, as a Chartered Public Accountant, Chartered Accountant, and holds a Bachelor of Commerce degree from the University of British Columbia, Vancouver, Canada.** |

---

23<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Quentin Markin**  | **Executive Vice President, Business Development and Strategy Execution**  |
| ![](ny20062456x1_quentinmexe.jpg)<br>| **Mr. Markin has served as our Executive Vice President, Business Development and Strategy Execution since January 1, 2023. He has served as Interim Chief Executive Officer of Cordoba Minerals Corp. (TSXV:CDB) since March 2026, and has been a director of Cordoba Minerals Corp. since September 2023. Mr. Markin is a seasoned mining lawyer with over twenty years of experience, all with the Canadian firm Stikeman Elliott LLP, where he had been a partner since 2008. Over his career, he has lived and practiced in the world's mining centers — Sydney, London, Vancouver and Toronto. Mr. Markin's practice focused on M&A, project development and financing matters for mining companies globally and has been recognized by international legal consultancy Chambers for eleven years as a mining law expert. Prior to joining the Company, Mr. Markin acted as legal counsel for the Company since its inception, as well as other Ivanhoe group companies, including Ivanhoe Mines, but also senior producers, junior exploration companies, and investment banks. His notable transactions outside of the Ivanhoe Group include the 2007 Cdn$1.2 billion initial public offering of Franco-Nevada and the 2015 acquisition by OceanaGold of Romarco Minerals and its Haile Gold Mine located in South Carolina for around Cdn$856 million. Mr. Markin received his Bachelor of Law Degree from the University of Ottawa, Canada, and holds an M.A. in International Relations from the Norman Patterson School of International Affairs, Ottawa, Canada.**  |
| **Cassandra Joseph**  | **General Counsel and Corporate Secretary** |
| ![](ny20062456x1_cassandrajexe.jpg)<br>| **Ms. Joseph has served as the Company's General Counsel and Corporate Secretary since February 1, 2023. Ms. Joseph is an accomplished U.S. mining industry legal executive with over twenty years of experience in corporate, environmental and intellectual property law. Since May 2024, she has served as a Director of i-80 Gold Corp. (NYSE:IAUX; TSX:IAU). Ms. Joseph was previously lead independent Director and the Chair of the Corporate Governance Nominations and Compensation Committee of Bunker Hill Mining Corporation from 2020 to 2024 (XCNQ:BNKR). Before joining the Company, Ms. Joseph was Senior Vice President and General Counsel for Nevada Copper in Reno, Nevada from May 2019 to January 2023. Prior to Nevada Copper, she served as Vice President, Associate General Counsel, Corporate Secretary, and Chief Compliance Officer from 2015 to 2019 for Reno, Nevada-based Tahoe Resources prior to its sale to Pan American Silver in May 2019. Ms. Joseph worked in the Nevada Attorney General's Office, representing the Division of Environmental Protection, the Division of Water Resources, and other agencies within the Department of Natural Resources. She holds a Juris Doctor from Santa Clara University School of Law and a Bachelor of Arts from the University of California, Berkeley.** |
| **Graham Boyd**  | **Senior Vice President, Exploration**  |
| ![](ny20062456x1_grahambexe.jpg)<br>| **Mr. Boyd has served as our Senior Vice President, Exploration since August 7, 2023. Previously he served as our Senior Vice President and Vice President, U.S. Projects since November 2022 and June 2021, respectively, to August 2023. Mr. Boyd is a Geologist with over twenty years of base and precious metals experience, having worked principally in Australia, North America and South America and continuingly being responsible for the identification, review, acquisition and execution of numerous exploration projects, particularly those that form our portfolio of projects in the United States. Prior to joining the Company, Mr. Boyd worked various roles including as Principal and Senior Geologist within High Power Exploration Inc. ("HPX") (now Ivanhoe Atlantic Inc.) since 2013. While with HPX, Mr. Boyd was a leader in the delineation and exploration success of the Alacran and San Matias Cu-Au- Ag deposits in Colombia. Prior to HPX, Mr. Boyd held roles with Ivanhoe Australia and Ivanhoe Mines Mongolia, since 2006. At Ivanhoe Australia, Mr. Boyd was a member of the discovery team for the world's highest grade Mo-Re deposit, Merlin, and he also was a key contributor to delineation and resource development of the Mount Dore Cu and Mt Elliott- SWAN Cu-Au deposits. Prior to roles in the Ivanhoe Group, Mr. Boyd worked on copper porphyries in British Columbia, and diamond exploration in Nunavut and Quebec. Mr. Boyd holds a Bachelor of Science in Geoscience from the University of Victoria.**  |

---

24<br>

------

---

| | |
|:---|:---|
| **Glen Kuntz** | **Senior Vice President, Mine Development**  |
| ![](ny20062456x1_glenkexe.jpg)<br>| **Mr. Kuntz has served as our Senior Vice President, Mine Development since November 21, 2022, and has served the function of our principal operating officer since May 9, 2025. Previously, Mr. Kuntz served as our Chief Technical and Innovation Officer from January 2022 to November 2022. He is also Vice President of Mesa Cobre Corporation, one of our subsidiaries, since April 2022, and a director of Cordoba Minerals Corp. (TSXV:CDB) since May 2025. Mr. Kuntz is a Qualified Person, Professional Geologist and mining executive with over thirty years of experience focused on exploration, development and operations (underground and open pit), technology, and studies across a variety of commodities and mining types/methods throughout the Americas, Africa and Australia. Prior to joining the Company, Mr. Kuntz was a consulting specialist geology/mining at Nordmin Engineering Ltd. from March 2018 to January 2022; director of exploration projects at Yamana Gold Inc. from 2015 to 2018; President and Chief Executive Officer from 2012 to 2015 and Chief Operating Officer from 2011 to 2012 of Mega Precious Metals Inc., a successful junior exploration company acquired by Yamana Gold. Mr. Kuntz gained significant development/production experience in a variety of other senior positions with Runge Ltd., Placer Dome Corporation, and Rea Gold Corporation. Mr. Kuntz holds a Bachelor of Science in Geology from the University of Manitoba.**  |
| **Stephani Terhorst**  | **Vice President, Human Resources**  |
| ![](ny20062456x1_stephanitexe.jpg)<br>| **Ms. Terhorst has served as our Vice President Human Resources since March 1, 2023. Ms. Terhorst is an accomplished human resources and employee benefits professional with over twenty-five years of human resources experience, primarily in the coal and aggregates mining sector. From 2016 to 2022, Ms. Terhorst was the Senior Director of Human Resources and Benefits with NACCO Industries, a coal producer in Dallas, Texas. She served as Director of Human Resources for Jennmar Corporation, which manufactures various underground mining products. Ms. Terhorst is a Certified Employee Benefits Specialist, Professional in Human Resources, and Group Benefits Associate certified. She holds a Bachelor's degree in Human Resources Management from the University of Pittsburgh and a Master's degree in Human Resources and Industrial Relations from St. Francis University.** |

---

25<br>

------

### EXECUTIVE COMPENSATION
At December 31, 2025, our NEOs consist of our Executive Chairman of the Board of Directors Robert Friedland, principal executive officer ("PEO") Taylor Melvin, our principal financial officer ("PFO") Jordan Neeser, Quentin Markin and Cassandra Joseph. This section discusses the material components of the executive compensation program for our NEOs as listed in the "Fiscal Year 2025 Summary Compensation Table" below.

#### FISCAL YEAR 2025 SUMMARY COMPENSATION TABLE
The table below summarizes the total compensation earned by each NEO in the fiscal year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal** <br>**Position** | **Year** | **Salary** <br>**($)** | **Bonus** <br>**($)** | **Stock Awards**<br>**($)<sup>(7)(8)</sup>** | **Option Awards**<br>**($)<sup>(9)</sup>** | **All Other** <br>**Compensation**<br>**($)** | **Total** <br>**($)**  |
| **Robert Friedland<sup>(1)</sup>**<br>***Executive Chairman of the Board of Directors*** | 2025 | $500000<sup>(2)</sup> | $— | &nbsp;&nbsp;&nbsp;&nbsp;$1696420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $2196420  |
| **Robert Friedland<sup>(1)</sup>**<br>***Executive Chairman of the Board of Directors*** | 2024 | $500000<sup>(3)</sup> | $— | &nbsp;&nbsp;&nbsp;&nbsp;$43254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1483302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $2026556  |
| **Robert Friedland<sup>(1)</sup>**<br>***Executive Chairman of the Board of Directors*** | 2023 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;$29340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $36903  |
| **Taylor Melvin<sup>(4)</sup>**<br>***President and Chief Executive Officer*** | 2025 | $500000 | $500000 | &nbsp;&nbsp;&nbsp;&nbsp;$1126370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51430 | $2177800  |
| **Taylor Melvin<sup>(4)</sup>**<br>***President and Chief Executive Officer*** | 2024 | $500000 | $450000 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$999904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45341 | $1995245  |
| **Taylor Melvin<sup>(4)</sup>**<br>***President and Chief Executive Officer*** | 2023 | $500000 | $465000 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6879 | $971879  |
| **Jordan Neeser<sup>(4)</sup>**<br>***Chief Financial Officer*** | 2025 | $300000 | $296400 | &nbsp;&nbsp;&nbsp;&nbsp;$663186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81775 | $1341361  |
| **Jordan Neeser<sup>(4)</sup>**<br>***Chief Financial Officer*** | 2024 | $295960 | $262600 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$599944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15071 | $1173575  |
| **Jordan Neeser<sup>(4)</sup>**<br>***Chief Financial Officer*** | 2023 | $309279 | $277540 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $586819  |
| **Quentin Markin<sup>(5)</sup>** <br>***Executive Vice*** <br>***President, Business*** <br>***Development and*** <br>***Strategy*** | 2025 | $400000 | $400000 | &nbsp;&nbsp;&nbsp;&nbsp;$884245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6290 | $1690535  |
| **Quentin Markin<sup>(5)</sup>** <br>***Executive Vice*** <br>***President, Business*** <br>***Development and*** <br>***Strategy*** | 2024 | $400000 | $354000 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$799925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6290  | $1560215  |
| **Quentin Markin<sup>(5)</sup>** <br>***Executive Vice*** <br>***President, Business*** <br>***Development and*** <br>***Strategy*** | 2023 | $400000 | $377600 | &nbsp;&nbsp;&nbsp;&nbsp;$9112500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $9890100  |
| **Cassandra Joseph<sup>(6)</sup>**<br>***General Counsel and*** <br>***Corporate Secretary*** | 2025 | $300000 | $299100 | &nbsp;&nbsp;&nbsp;&nbsp;$663187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39867 | $1306801  |
| **Cassandra Joseph<sup>(6)</sup>**<br>***General Counsel and*** <br>***Corporate Secretary*** | 2024 | $300000 | $270450 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$599943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27201 | $1197594  |
| **Cassandra Joseph<sup>(6)</sup>**<br>***General Counsel and*** <br>***Corporate Secretary*** | 2023 | $275000 | $102338 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3611667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29875 | $4018880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Robert Friedland entered into a compensation and change of control arrangement with the Company on May 9, 2024, which was amended on February 20, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Friedland's salary was paid in in the form of 133,562 RSUs and 200,342 PSUs on March 6, 2025, as described under "Fiscal Year 2025 Grants of Plan-Based Awards Table."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Friedland's salary was paid in in the form of 105,932 Stock Options on April 8, 2024, as described under "Fiscal Year 2024 Grants of Plan-Based Awards Table" in the 2025 Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Melvin's other compensation for 2025 consists of $178 for Life Insurance, $739 for Short-Term and Long-Term Disability Premiums, $14,888 for Medical Insurance, $28,629 for 401(k) and $6,998 for Dental, Vision, HSA and Principal Life. Mr. Neeser's other compensation for 2025 consists of $178 for Life Insurance, $739 for Short-Term and Long-Term Disability Premiums, $33,333 for Medical Insurance, $9,326 for 401(k), $35,873 for Relocation Costs and $2,327 for Dental, Vision, HSA and Principal Life.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr. Markin's other compensation for 2025 consists of $5,012 for Medical Insurance and $1,278 for travel insurance.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Ms. Joseph's other compensation for 2025 consists of $444 for Life Insurance, $739 for Short-Term and Long-Term Disability Premiums, $14,888 for Medical Insurance, $17,229 for 401(k) and $6,568 for Dental, Vision, HSA and Principal Life.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents the grant date fair value of RSUs to the officer determined in accordance with FASB ASC 718. See note 13(b) to the December 31, 2025 Audited Financial Statements. Mr. Friedland's RSUs vest as follows: 133,562 Ivanhoe Electric RSUs granted on March 6, 2025 will vest 1/3 annually for three years beginning on March 6, 2025; 150,000 Cordoba RSUs granted on April 9, 2024 will vest 1/3 annually for three years beginning on April 9, 2025; and 330,000 Kaizen Discovery Inc. RSUs granted April 12, 2023, these RSUs vest ratably (1/3) on each of April 12, 2024, April 12, 2025, and April 12, 2026. On February 7, 2024, pursuant to the Company's acquisition of the remaining Kaizen Discovery Inc. common shares as detailed under "Kaizen Discovery Inc. Stock Option Plan and Kaizen Discovery Inc. Long Term Incentive Plan," the vesting of 330,000 RSUs were accelerated, and they were converted into 330,000 Kaizen Discovery Inc. common shares which were then exchanged for 2,598 shares of Ivanhoe Electric Inc. Mr. Melvin's RSUs vest as follows: 68,493 Ivanhoe Electric RSUs granted on March 6, 2025, will vest 1/3 annually for three years beginning on March 6, 2025. Mr. Neeser's RSUs vest as follows: 51,370 Ivanhoe Electric RSUs granted on March 6, 2025, will vest 1/3 annually for three years beginning on March 6, 2025. Mr. Markin's RSUs vest as follows: 68,493 Ivanhoe Electric RSUs granted on March 6, 2025, will vest 1/3 annually for three years beginning on March 6, 2025; 750,000 Ivanhoe Electric RSUs granted on January 1, 2023, will vest 1/5 annually for five years beginning on January 1, 2024. Ms. Joseph's RSUs vest as follows: 51,370 Ivanhoe Electric RSUs granted on March 6, 2025, will vest 1/3 annually for three years beginning on March 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The grant date fair value of PSUs is calculated using a Monte-Carlo simulation performed as of the date of grant by an independent third-party, consistent with the requirements of FASB ASC Topic 718. Mr. Friedland, Mr. Melvin, Mr. Neeser, Mr. Markin and Ms. Joseph's PSUs vest on December 31, 2027, with the number of units to vest determined by Ivanhoe Electric's share price performance against constituents from the S&P/ TSX Equal Weight Global Base Metals Index as described under "PSU Program Design". The number of units to vest ranges between zero times to two times the target number of PSUs.

The following table includes the assumptions used to calculate the grant date fair value of PSUs reported for fiscal year of 2025.

---

| | |
|:---|:---|
|  | **Grant Date: March 6, 2025**  |
| Expected volatility | 63.4%  |
| Expected life of PSUs (in years) | 2.75  |
| USA risk-free interest rate | 4.0%  |
| Canada risk-free interest rate | 2.6%  |
| Expected dividend rate | 0%  |
| Weighted average grant-date fair value (per unit) | $7.07 |

---

The grant date fair values of the PSUs assuming achievement of the maximum performance level for fiscal year 2025 based on the closing sales price of our common stock on the NYSE American on March 6, 2025, which was $5.84, are: Mr. Friedland, $2,339,995; Mr. Melvin, $1,200,003; Mr. Neeser, $600,002; Mr. Markin, $799,998; and Ms. Joseph, $600,002.

26<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;(9) Represents the grant date fair value of stock options granted to the officer determined in accordance with FASB ASC 718. See note 13(b) to the December 31, 2025 Audited Financial Statements. Mr. Friedland's stock options will vest as follows: 415,170 Ivanhoe Electric stock options granted on April 8, 2024 will vest 1/3 annually for three years beginning on April 8, 2025; 150,000 Cordoba stock option with an exercise price of C$0.39 granted April 9, 2024 will vest ratably (1/3) each of October 9, 2024, April 9, 2025 and April 9, 2026; and 115,556 Kaizen Discovery Inc. stock options with an exercise price of C$0.12 granted on April 12, 2023 vest ratably (1/3) each on October 12, 2023, April 12, 2024, and April 12, 2025. On February 7, 2024, pursuant to the Company's acquisition of the remaining Kaizen common shares as detailed under "Kaizen Discovery Inc. Stock Option Plan and Kaizen Discovery Inc. Long Term Incentive Plan," the Kaizen stock options cancelled. Mr. Melvin's stock options vest as follows: 289,268 Ivanhoe Electric stock options granted on March 11, 2024 will vest ratably (1/3 annually) each beginning on March 11, 2025. Mr. Neeser's stock options vest as follows: 173,561 Ivanhoe Electric stock options granted each on March 11, 2024, will vest 1/3 annually beginning on March 11, 2025. Mr. Markin's stock options vest as follows: 231,415 Ivanhoe Electric stock options granted on March 11, 2024, will vest 1/3 annually beginning on March 11, 2025. Ms. Joseph's stock options vest as follows: 173,561 Ivanhoe Electric stock options granted each on March 11, 2024, will vest 1/3 each annually beginning on March 11, 2025; 500,000 Ivanhoe Electric Inc. stock options granted on February 1, 2023, will vest 1/3 annually beginning on February 1, 2024.

#### EXECUTIVE EMPLOYMENT AGREEMENTS

#### Compensation Letter with Robert Friedland
On May 9, 2024, the Company entered into a compensation and change of control arrangement with Robert Friedland with respect to his services as the Executive Chairman of the Company. The arrangement is set forth in a letter to Mr. Friedland dated May 9, 2024 (the "Compensation Letter"). In 2024, the Compensation and Nominating Committee had the first opportunity since the Company's IPO to set an appropriate compensation for the Executive Chairman, which is comparable in amount to the CEO's base, STIP and LTIP. However, the Executive Chairman has been paid the entire amount in equity without any cash payments. Pursuant to the terms of the Compensation Letter, effective from January 1, 2024, Mr. Friedland is entitled to an annual base salary of $500,000 per year ("Base Salary"), and eligible on an annual basis to receive short-term and long term incentive awards, with a short-term bonus target of 100% of his Base Salary ("Short Term Bonus") and a long term bonus target of 200% of his Base Salary ("Long Term Bonus"), based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. Short Term Bonus and Long Term Bonus shall be and Base Salary may be awarded in a form of equity as determined by the Board of Directors and pursuant to the Company's equity based incentive plans and associated award agreements. Compensation covered in the Compensation Letter is subject to annual review. Effective January 1, 2026, the Company entered into an Amended Annual Compensation arrangement ("Amended Compensation") for Mr. Friedland with respect to his services as the Executive Chairman of the Company, which increased his Base Salary to $600,000 per year. Under the terms of the Amended Compensation, Mr. Friedland remains eligible on an annual basis to receive short-term and long term incentive awards, with a Short Term Bonus target of 100% of his Base Salary and a Long Term Bonus target of 250% of his Base Salary, based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals.

In the event of a Change of Control (as defined in the Compensation Letter) where Mr. Friedland's services as Executive Chairman are terminated during the 12 month period following such Change in Control, then Mr. Friedland will be entitled to receive a lump sum cash payment, less applicable withholdings, equal to 18 months of his annual Base Salary and his equity incentive awards shall be governed in accordance with the terms of the applicable plans and award grant agreements.

#### Employment Agreement with Taylor Melvin
Effective November 21, 2022, Taylor Melvin was appointed President and CEO of the Company. Mr. Melvin also joined the Board of Directors effective on that date.

On October 21, 2022, Mr. Melvin entered into an employment agreement with the Company (the "CEO Employment Agreement") for a term to continue indefinitely from the commencement of his employment until Mr. Melvin resigns or is terminated in accordance with the terms and conditions of the CEO Employment Agreement. Pursuant to the terms of the CEO Employment Agreement, Mr. Melvin is entitled to an annual base salary of $500,000 per year ("CEO Base Salary") and is eligible on an annual basis to receive short-term and long term incentive awards, with a short-term bonus target of 100% of his CEO Base Salary ("CEO Short Term Bonus") and a long term bonus target of 200% of his CEO Base Salary based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. Effective January 1, 2026, Mr. Melvin's CEO Base Salary increased to $600,000 per year, and he remains eligible on an annual basis to receive short-term and long term incentive awards, with a short term bonus target of 100% and a long term bonus target of 250% of his CEO Base Salary based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals.

Mr. Melvin may receive certain payments if his employment is terminated by the Company without "Cause," as described further in the section of this proxy statement entitled "Potential Payments Upon Termination or Change of Control."

The CEO Employment Agreement includes customary covenants with respect to confidentiality of Company information. Also, the CEO Employment Agreement includes a covenant of non-solicitation of employees for a period of twelve months following Mr. Melvin's separation from service.

#### Employment Agreement with Jordan Neeser
Effective November 21, 2022, Jordan Neeser was appointed as the Company's Chief Financial Officer.

On November 17, 2022, Mr. Neeser entered into an employment agreement (the "CFO Employment Agreement") for a term to continue indefinitely from the commencement of his employment until Mr. Neeser resigns or is terminated in accordance with the terms and conditions of the CFO Employment Agreement. Pursuant to the terms of the CFO Employment Agreement, Mr. Neeser is entitled to an annual base salary of $300,000 per year ("CFO Base Salary"). Mr. Neeser is eligible on an annual basis to receive short-term and long term incentive awards, with a short-term bonus target of 100% of his Base Salary ("CFO Short Term Bonus") and a long term bonus target of

27<br>

------

#### **TABLE OF CONTENTS**
200% of his CFO Base Salary, based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. The Company made an initial grant of 500,000 stock options with an exercise price of $11.75 per share, which vested in accordance with the terms of the applicable equity plans and award grant agreements.

Mr. Neeser may receive certain payments if his employment is terminated by the Company without "Cause," as described further in the section of this proxy statement entitled "Potential Payments Upon Termination or Change of Control."

The CFO Employment Agreement includes customary covenants with respect to confidentiality of Company information. Also, the CFO Employment Agreement includes a covenant of non-solicitation of employees for a period of twelve months following Mr. Neeser's separation from service.

#### Employment Agreement with Quentin Markin
Effective January 1, 2023, Quentin Markin was appointed as the Company's Executive Vice President, Business Development and Strategy Execution.

On November 16, 2022, Mr. Markin entered into an employment agreement which was amended on August 7, 2023 (the "EVP Employment Agreement") for a term to continue indefinitely from the commencement of his employment until Mr. Markin resigns or is terminated in accordance with the terms and conditions of the EVP Employment Agreement. Pursuant to the terms of the EVP Employment Agreement, Mr. Markin is entitled to an annual base salary of $400,000 per year ("EVP Base Salary").

Mr. Markin is eligible on an annual basis to receive short-term and long term incentive awards, with a short-term bonus target of 100% of his EVP Base Salary ("Executive Short Term Bonus") and a long term bonus target of 200% of his EVP Base Salary, based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. The Company made an initial grant of 750,000 restricted stock units, which will vest in accordance with the terms of the applicable equity plans and award grant agreements.

Mr. Markin may receive certain payments if his employment is terminated by the Company without "Cause," as described further in the section of this proxy statement entitled "Potential Payments Upon Termination or Change of Control."

The EVP Employment Agreement includes customary covenants with respect to confidentiality of Company information. Also, the EVP Employment Agreement includes a covenant of non-solicitation of employees for a period of twelve months following Mr. Markin's separation from service.

#### Employment Agreement with Cassandra Joseph
Effective February 1, 2023, Cassandra Joseph was appointed as the Company's General Counsel and Corporate Secretary.

On January 4, 2023, Ms. Joseph entered into an employment agreement (the "Executive Employment Agreement") for a term to continue indefinitely from the commencement of her employment until Ms. Joseph resigns or is terminated in accordance with the terms and conditions of the Executive Employment Agreement. Pursuant to the terms of the Executive Employment Agreement, Ms. Joseph is entitled to an annual base salary of $300,000 per year ("Executive Base Salary"). Ms. Joseph is eligible on an annual basis to receive short-term and long term incentive awards, with a short-term bonus target of 100% of her Base Salary ("Executive Short Term Bonus") and a long term bonus target of 200% of her Executive Base Salary, based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. The Company made an initial grant of 500,000 stock options with an exercise price of $13.23 per share, which will vest in accordance with the terms of the applicable equity plans and award grant agreements.

Ms. Joseph may receive certain payments if her employment is terminated by the Company without "Cause," as described further in the section of this proxy statement entitled "Potential Payments Upon Termination or Change of Control."

The Executive Employment Agreement includes customary covenants with respect to confidentiality of Company information. Also, the Executive Employment Agreement includes a covenant of non-solicitation of employees for a period of twelve months following Ms. Joseph's separation from service.

#### FISCAL YEAR 2025 GRANTS OF PLAN-BASED AWARDS TABLE
The following table provides information regarding grants of awards under any plan during fiscal year ended December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Other Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units (#)** | **Grant Date** <br>**Fair Value of** <br>**Stock and** <br>**Option** <br>**Awards<sup>(2)</sup>**  |
| <br>**Named Executive Officer** | <br>**Grant Date** | <br>**Approval** <br>**Date** | **Threshold** <br>**(#)<sup>(1)</sup>** | **Target** <br>**(#)** | **Maximum** <br>**(#)**  | **Other Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units (#)** | **Grant Date** <br>**Fair Value of** <br>**Stock and** <br>**Option** <br>**Awards<sup>(2)</sup>**  |
| **Ivanhoe Electric Awards**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland<sup>(5)</sup>**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI RSU Award<sup>(3)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133562 | &nbsp;&nbsp;&nbsp;$780002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI PSU Award<sup>(4)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;200342 | &nbsp;&nbsp;&nbsp;&nbsp;400684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$1416418  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taylor Melvin** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI RSU Award<sup>(3)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68493 | &nbsp;&nbsp;&nbsp;$399999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI PSU Award<sup>(4)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;102740 | &nbsp;&nbsp;&nbsp;&nbsp;205480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$726372  |

---

28<br>

------

#### **TABLE OF CONTENTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Estimated Future Payouts Under Equity** <br>**Incentive Plan Awards** | **Other Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units (#)** | **Grant Date** <br>**Fair Value of** <br>**Stock and** <br>**Option** <br>**Awards<sup>(2)</sup>**  |
| <br>**Named Executive Officer** | <br>**Grant Date** | <br>**Approval** <br>**Date** | **Threshold** <br>**(#)<sup>(1)</sup>** | **Target** <br>**(#)** | **Maximum** <br>**(#)**  | **Other Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stocks or** <br>**Units (#)** | **Grant Date** <br>**Fair Value of** <br>**Stock and** <br>**Option** <br>**Awards<sup>(2)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Jordan Neeser** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI RSU Award<sup>(3)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI PSU Award<sup>(4)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;51370 | &nbsp;&nbsp;&nbsp;&nbsp;102740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363186  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Quentin Markin** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI RSU Award<sup>(3)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$399999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI PSU Award<sup>(4)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;68493 | &nbsp;&nbsp;&nbsp;&nbsp;136986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$484246  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cassandra Joseph** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI RSU Award<sup>(3)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 LTI PSU Award<sup>(4)</sup> | 06-Mar-25 | 21-Feb-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;51370 | &nbsp;&nbsp;&nbsp;&nbsp;102740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Any performance between the 25th and 75th percentile is interpolated on a linear basis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the grant date fair value of RSUs and PSUs granted to the officer determined in accordance with FASB ASC 718. See note 13(b) to the December 31, 2025 Audited Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The number of restricted stock units granted under the Long-Term Incentive Plan during fiscal year 2025 is subject to the terms of each Named Executive Officer's employment agreement, as described under "Compensation Discussion and Analysis- Equity Compensation."

&nbsp;&nbsp;&nbsp;&nbsp;(4) The number of performance stock units granted under the Long-Term Incentive Plan during fiscal year 2025 is subject to the terms of each Named Executive Officer's employment agreement, as described under "Compensation Discussion and Analysis- Equity Compensation."

&nbsp;&nbsp;&nbsp;&nbsp;(5) Pursuant to the compensation arrangement between the Company and Mr. Friedland, the Company awarded Mr. Friedland an annual base salary for 2025, short-term incentive award for prior services, and long-term incentive awards for 2025 in the form of equity for 2025, pursuant to the Company's equity based incentive plans and associated award agreements. Mr. Friedland was paid in equity in order to support his alignment with stockholder interests and to preserve the Company's treasury.

#### RESTRICTED STOCK UNIT GRANTS
On January 1, 2023, we granted 750,000 RSUs to Mr. Markin upon his appointment as an officer of the company. These RSUs vest ratably (1/5) on each of January 1, 2024, January 1, 2025, January 1, 2026, January 1, 2027, and January 1, 2028.

On April 12, 2023, Kaizen Discovery Inc. ("Kaizen") granted 330,000 RSUs to Mr. Friedland pursuant to the Kaizen Discovery Inc. Long Term Incentive Plan. These RSUs vest ratably (1/3) on each of April 12, 2024, April 12, 2025, April 2026. On February 7, 2024, pursuant to the Company's acquisition of the remaining Kaizen common shares as detailed under "Kaizen Discovery Inc. Stock Option Plan and Kaizen Discovery Inc. Long Term Incentive Plan," the vesting of 330,000 RSUs were accelerated, and they were converted into 330,000 Kaizen common shares which were then exchanged for 2,598 shares of Ivanhoe Electric.

On April 9, 2024, Cordoba Minerals Corp. ("Cordoba") granted 150,000 RSUs to Mr. Friedland pursuant to Cordoba's Amended Long Term Incentive Plan. These RSUs vest ratably (1/3) on each of April 9, 2025, April 9, 2026, and April 9, 2027.

On March 6, 2025, we granted 133,562 RSUs to Mr. Friedland pursuant to his Compensation Letter and the Company LTIP. Additionally, we granted 68,493 RSUs each to Mr. Melvin and Mr. Markin as well as 51,370 RSUs each to Mr. Neeser and Ms. Joseph pursuant to their Employment Agreements and Company LTIP. These RSUs will vest 1/3 annually for three years beginning on March 6, 2025.

#### PERFORMANCE STOCK UNIT GRANTS
On March 6, 2025, we granted 200,342 PSUs to Mr. Friedland pursuant to his Compensation Letter and the Company LTIP. Additionally, we granted 102,740 PSUs to Mr. Melvin, 64,493 PSUs to Mr. Markin as well as 51,370 PSUs each to Mr. Neeser and Ms. Joseph pursuant to their Employment Agreements and Company LTIP. These PSUs will vest on December 31, 2027, with the number of units to vest determined by the Company's share price performance against constituents from the S&P/ TSX Equal Weight Global Base Metals Index as described under "PSU Program Design".

#### STOCK OPTION GRANTS
On February 1, 2023, we granted 500,000 unvested stock options awards to Ms. Joseph upon her appointment as an officer of the Company. The unvested stock option awards granted to Ms. Joseph each have an exercise price of $13.23 and vest ratably (1/3) on each of February 1, 2024, February 1, 2025, February 1, 2026. On March 11, 2024, we granted 289,268 unvested stock option awards to Mr. Melvin, 231,415 unvested stock option awards to Mr. Markin as well as 173,561 unvested stock option awards to each of Ms. Joseph and Mr. Neeser pursuant to their employment agreements and the Company LTIP. These unvested stock options each have an exercise price of $13.50 and vest ratably (1/3) on each of March 11, 2025, March 11, 2026, and March 11, 2027. On April 8, 2024, we granted 415,170 unvested stock option awards to Mr. Friedland pursuant to his Compensation Letter and the Company LTIP. These unvested stock options each have an exercise price of $13.50 and vest ratably (1/3) on each of April 8, 2025, April 8, 2026, and April 8, 2027.

On April 12, 2023, Kaizen granted 115,556 unvested stock options awards to Mr. Friedland pursuant to the Kaizen Discovery Inc. Stock Option Plan. The unvested stock options awards granted to Mr. Friedland each have an exercise price of C$0.120 and vest ratably (1/3) each on October 12, 2023, April 12, 2024, and April 12, 2025. On February 7, 2024, pursuant to the Company's acquisition of the remaining Kaizen common shares as detailed under "Kaizen Discovery Inc. Stock Option Plan and Kaizen Discovery Inc. Long Term Incentive Plan," the stock options were cancelled.

On April 9, 2024, Cordoba granted 150,000 unvested stock option awards to Mr. Friedland pursuant to Cordoba's Stock Option Plan. These unvested stock options vest ratably (1/3) each of October 9, 2024, April 9, 2025, and April 9, 2026, with an exercise price of C$0.39.

29<br>

------

#### **TABLE OF CONTENTS**

#### FISCAL YEAR 2025 OUTSTANDING EQUITY AWARDS TABLE
The table below provides information on the equity awards held by the following officers as of December 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  |
| <br>**Name** | <br>**Grant Date** | **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options** <br>**Exercisable** <br>**(#)** | **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options** <br>**Unexercisable** <br>**(#)** | **Option** <br>**Exercise** <br>**Price** <br>**($)** | **Option** <br>**Expiration** <br>**Date** | **Number of** <br>**Shares or** <br>**Units of** <br>**Stock that** <br>**have not** <br>**Vested** <br>**(#)** | **Market Value** <br>**of Shares or** <br>**Units of Stock** <br>**that have not** <br>**Vested** <br>**($)**  | **Equity** <br>**incentive** <br>**plan** <br>**awards:** <br>**number of** <br>**unearned** <br>**shares,** <br>**units or** <br>**other rights** <br>**that have** <br>**not vested** <br>**(#)<sup>(4)</sup>** | **Equity incentive** <br>**plan awards:** <br>**market or payout** <br>**value of** <br>**unearned** <br>**shares, units or** <br>**other rights that** <br>**have not vested** <br>**($)<sup>(5)</sup>**  |
| **Ivanhoe Electric Awards<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland** | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;133562<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2134321<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6402930  |
|  | 08-Apr-24 | &nbsp;&nbsp;&nbsp;&nbsp;138390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276780 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | 08-Apr-31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 21-Nov-22 | &nbsp;&nbsp;&nbsp;&nbsp;583334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$11.75 | 21-Nov-29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 30-Jun-21 | &nbsp;&nbsp;&nbsp;&nbsp;916666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$2.49 | 30-Jun-26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taylor Melvin** | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;68493<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3283570  |
|  | 11-Mar-24 | &nbsp;&nbsp;&nbsp;&nbsp;96422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192846 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | 11-Mar-31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 21-Nov-22 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$11.75 | 21-Nov-29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Jordan Neeser** | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;51370<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1641785  |
|  | 11-Mar-24 | &nbsp;&nbsp;&nbsp;&nbsp;57853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115708 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | 11-Mar-31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 21-Nov-22 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$11.75 | 21-Nov-29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Quentin Markin** | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;68493<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2189036  |
|  | 11-Mar-24 | &nbsp;&nbsp;&nbsp;&nbsp;77138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154277 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | 11-Mar-31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 1-Jan-23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;450000<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7191000<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cassandra Joseph** | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;51370<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 06-Mar-25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1641785  |
|  | 11-Mar-24 | &nbsp;&nbsp;&nbsp;&nbsp;57853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115708 | &nbsp;&nbsp;&nbsp;&nbsp;$13.50 | 11-Mar-31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 1-Feb-23 | &nbsp;&nbsp;&nbsp;&nbsp;333333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166667 | &nbsp;&nbsp;&nbsp;&nbsp;$13.23 | 1-Feb-30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Cordoba Awards<sup>(2)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland** | 09-Apr-24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;C$0.39 | 09-Apr-29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | 09-Apr-24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57638<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **VRB Energy Awards<sup>(3)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland** | 20-Mar-21 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$0.165 | 30-Mar-26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The stock options become exercisable in 1/3 annual increments commencing on each of the first three anniversaries of the date of grant and have a term of 7 years.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The stock options vest 1/3 six months after the date of the grant, with an additional 1/3 vesting one year after the date of grant and the remaining 1/3 vesting two years after the date of grant. The restricted stock units vest ratably (1/3) on each of the first, second and third anniversaries of the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The stock options vest 20% upon grant, with an additional 20% vesting on each anniversary of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reflects PSUs that are to be earned subject to the Company's TSR relative to the S&P/ TSX Equal Weight Global Base Metals Index over a three-year period covering fiscal year 2025, fiscal year 2026, and fiscal year 2027 and the NEO's employment through the settlement date (except in the event of a Termination of Service as described under "Long Term Incentive Plan"). Pursuant to SEC rules, the reported number of shares and payout value assume a payout of 200% of target PSUs because the Company's relative TSR performance through the end of the first year of the performance period was above target performance.

&nbsp;&nbsp;&nbsp;&nbsp;(5) In accordance with FASB ASC718, the value is calculated by multiplying the number of PSUs that may be earned with respect to such PSUs (at the achievement levels set forth in footnotes 4 hereto, as applicable) by the closing market price of our stock $15.98 as of the close of trading on December 31, 2025; the actual number of PSUs earned will be based upon performance against applicable goals.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects time-based RSUs that vest in three equal annual installments (except in the event of a Termination of Service as described under "Long Term Incentive Plan"), beginning on the first anniversary of the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects time-based RSUs that vest in five equal annual installments (except in the event of a Termination of Service as described under "Long Term Incentive Plan"), beginning on the first anniversary of the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The market value of the unvested Ivanhoe Electric RSUs is based on the $15.98 closing market price per share of our common stock on December 31, 2025.

30<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;(9) The market value of the unvested Cordoba RSUs was based on the C$0.79 closing market price per share of Cordoba's common stock on December 31, 2025. This has been translated to USD using the Bank of Canada December 31, 2025, closing rate of 1 US dollar=1.3706 Canadian dollars (C$).

#### FISCAL YEAR 2025 OPTION EXERCISES AND STOCK VESTED TABLE
The following table sets forth information regarding option exercises and stock vesting during the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Stock Awards**  | **Stock Awards**  |
| <br>**Neo** | **Number of Shares** <br>**Acquired on Exercise** <br>**(#)** | **Value Realized on** <br>**Exercise** <br>**($)** | **Number of Shares** <br>**Acquired on Vesting** <br>**(#)** | **Value Realized on** <br>**Vesting** <br>**($)**  |
| **Ivanhoe Electric Awards**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Taylor Melvin** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3037500  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Jordan Neeser** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Quentin Markin** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1132500  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cassandra Joseph** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| **Cordoba Awards** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Robert Friedland** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14487  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33334<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18063  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Melvin was granted these RSUs on November 21, 2022. On November 21, 2025, the RSUs vested, and the value realized was based on the closing sales price of our common stock on the NYSE American on November 20, 2025, which was $12.15.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Markin was granted these RSUs on January 1, 2023. On January 1, 2025, the RSUs vested, and the value realized was based on the closing sales price of our common stock on the NYSE American on December 31, 2024, which was $7.55.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Friedland was granted these Cordoba RSUs on April 9, 2024. On April 9, 2025, the RSUs vested, the value realized was based on the closing sales price of Cordoba's common stock on the TSX on April 8, 2025, which was C$0.41. This has been translated to USD using the Bank of Canada on April 9, 2025, closing rate of 1 US dollar= 1.4150 Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Friedland was granted these Cordoba RSUs on July 7, 2022. On July 7, 2025, the RSUs vested, the value realized was based on the closing sales price of Cordoba's common stock on the TSX on July 4, 2025, which was C$0.74. This has been translated to USD using the Bank of Canada on July 7, 2025, closing rate of 1 US dollar= 1.3656 Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr. Friedland was granted these Cordoba stock options on April 9, 2024. On August 11, 2025, Mr. Friedland exercised 100,000 vested Cordoba options with an exercise price of C$0.395 and the value realized was based on the closing sales price of Cordoba's common stock on the TSX on August 8, 2025, which was C$0.77. This has been translated to USD using the Bank of Canada on August 11, 2025, closing rate of 1 US dollar= 1.3785 Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Friedland was granted these Cordoba stock options on July 31, 2022. On August 11, 2025, Mr. Friedland exercised 100,000 vested Cordoba options with an exercise price of C$0.53 and the value realized was based on the closing sales price of Cordoba's common stock on the TSX on August 8, 2025, which was C$0.77. This has been translated to USD using the Bank of Canada on August 11, 2025, closing rate of 1 US dollar= 1.3785 Canadian dollars.

#### POTENTIAL PAYMENT UPON TERMINATION OR CHANGE IN CONTROL
Below we describe the payments and benefits to which each of the following officers will be entitled to under his or her employment agreement if his or her employment is terminated both before and after a change in control.

#### Robert Friedland
In the event of a Change of Control (as defined in the Compensation Letter) where Mr. Friedland's services as Executive Chairman are terminated during the 12 month period following such Change in Control, then Mr. Friedland will be entitled to receive a lump sum cash payment, less applicable withholdings, equal to 18 months of his annual Base Salary and his equity incentive awards shall be governed in accordance with the terms of the applicable plans and award grant agreements. Pursuant to Mr. Friedland's Ivanhoe Electric award agreements, in the event Mr. Friedland's employment is terminated by the Company without Cause, other than in connection with a Change in Control, a pro-rated portion of his outstanding RSUs will vest, a pro-rated portion of his target number of PSUs will vest at the end of the performance period and a pro-rated portion of his outstanding options will vest and become exercisable. In the event Mr. Friedland's employment is terminated by the Company without Cause or by Mr. Friedland for Good Reason within 12 months following a Change in Control, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable. In the event Mr. Friedland's employment terminates due to death or disability, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable.

Pursuant to the Cordoba Plan, in the event that Mr. Friedland ceases to be an eligible participant because of termination for cause, the options of Mr. Friedland not exercised at such time shall immediately be cancelled on the date of such termination and be of no further force or effect. In the event of the death of Mr. Friedland during the term of the Mr. Friedland's option, the option theretofore granted to Mr. Friedland shall be exercisable within, but only within, the period of one year next succeeding Mr. Friedland's death, and in no event after the expiry date of the option. If Mr. Friedland shall cease to be an eligible participant for any reason other than provided for in this section, the options of Mr. Friedland not exercised at such time shall immediately be cancelled and be of no further force or effect. Pursuant to the Cordoba LTIP, in the event that Mr. Friedland's employment is terminated with or without Cause, his unvested RSUs will be voided. In the event Mr. Friedland's employment is terminated by the Company without Cause or by his resignation for Good Reason within 12 months of a Change in Control, 100% of his RSUs will vest. In the event that Mr. Friedland's employment is terminated by reason of his death or disability, 100% of his options and RSUs vest and become exercisable.

31<br>

------

#### **TABLE OF CONTENTS**
Pursuant to VRB Energy, Inc.'s Stock Option Plan, in the event that Mr. Friedland ceases to be an eligible participant because of termination for cause, the options of Mr. Friedland not exercised at such time shall immediately be cancelled on the date of such termination and be of no further force or effect. In the event of the death of Mr. Friedland during the term of Mr. Friedland's option, the option theretofore granted to Mr. Friedland shall be exercisable within, but only within, the period of one year next succeeding Mr. Friedland's death, and in no event after the expiry date of the option. In the event, that Mr. Friedland shall cease to be an eligible participant of, or to, VRB, for any reason, other than for cause or death, he may exercise any vested option issued that is then exercisable, but only within the period that is 30 days from the date that he ceases to be an employee. Options shall no longer continue to vest during such 30-day period.

#### Taylor Melvin
In the event Mr. Melvin's employment is terminated by the Company without "Cause" (as defined in the CEO Employment Agreement) and such termination is not in connection with a Change in Control (as defined in the CEO Employment Agreement), then Mr. Melvin will be entitled to severance pay equal to 1.5 times his annual CEO Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs. In the event of a Change of Control where Mr. Melvin's employment is terminated during the 12 month period following such Change in Control by the Company without "Cause" or Mr. Melvin resigns for "Good Reason," then Mr. Melvin will be entitled to severance pay equal to a lump sum cash payment equal to 18 months of his annual CEO Base Salary plus one additional month for each full year of service after the third full year of service up a maximum of 24 months annual CEO Base Salary together with 150% of the CEO Short Term Bonus for the year in which termination of employment occurs. In the event Mr. Melvin's employment is terminated by the Company without Cause, other than in connection with a Change in Control, a pro-rated portion of his outstanding RSUs will vest, a pro-rated portion of his target number of PSUs will vest at the end of the performance period, and a pro-rated portion of his outstanding options will vest and become exercisable. In the event Mr. Melvin's employment is terminated by the Company without Cause or by Mr. Melvin for Good Reason within 12 months following a Change in Control, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable. In the event Mr. Melvin's employment terminates due to death or disability, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable.

#### Jordan Neeser
In the event Mr. Neeser's employment is terminated by the Company without "Cause" (as defined in the CFO Employment Agreement) and such termination is not in connection with a Change in Control (as defined in the CFO Employment Agreement), then Mr. Neeser will be entitled to severance pay equal to 1.5 times his annual CFO Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs. In the event of a Change of Control where Mr. Neeser's employment is terminated during the 12-month period following such Change in Control by the Company without "Cause" or Mr. Neeser resigns for "Good Reason," then Mr. Neeser will be entitled to severance pay equal to a lump sum cash payment equal to 18 months of his annual CFO Base Salary plus one additional month for each full year of service after the third full year of service up to a maximum of 24 months annual CFO Base Salary together with 150% of the CFO Short Term Bonus for the year in which termination of employment occurs. In the event Mr. Neeser's employment is terminated by the Company without Cause, other than in connection with a Change in Control, a pro-rated portion of his outstanding RSUs will vest, a pro-rated portion of his target number of PSUs will vest at the end of the performance period and a pro-rated portion of his outstanding options will vest and become exercisable. In the event Mr. Neeser's employment is terminated by the Company without Cause or by Mr. Neeser for Good Reason within 12 months following a Change in Control, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable. In the event Mr. Neeser's employment terminates due to death or disability, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable.

#### Quentin Markin
In the event Mr. Markin's employment is terminated by the Company without "Cause" (as defined in the EVP Employment Agreement) and such termination is not in connection with a Change in Control (as defined in the EVP Employment Agreement), then Mr. Markin will be entitled to severance pay equal to 1.5 times his annual Executive Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs. In the event of a Change of Control where Mr. Markin's employment is terminated during the 12-month period following such Change in Control by the Company without "Cause" or Mr. Markin resigns for "Good Reason," then Mr. Markin will be entitled to severance pay equal to a lump sum cash payment equal to 18 months of his annual Executive Base Salary plus one additional month for each full year of service after the third full year of service up to a maximum of 24 months annual Executive Base Salary together with 150% of the Executive Short Term Bonus for the year in which termination of employment occurs. In the event Mr. Markin's employment is terminated by the Company without Cause, other than in connection with a Change in Control, a pro-rated portion of his outstanding RSUs will vest, a pro-rated portion of his target number of PSUs will vest at the end of the performance period and a pro-rated portion of his outstanding options will vest and become exercisable. In the event Mr. Markin's employment is terminated by the Company without Cause or by Mr. Markin for Good Reason within 12 months following a Change in Control, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable. In the event Mr. Markin's employment terminates due to death or disability, 100% of his outstanding RSUs and the target number of PSUs will vest, and 100% of his stock options will vest and become exercisable.

#### Cassandra Joseph
In the event Ms. Joseph's employment is terminated by the Company without "Cause" (as defined in the Executive Employment Agreement) and such termination is not in connection with a Change in Control (as defined in the Executive Employment Agreement), then Ms. Joseph will be entitled to severance pay equal to 1.5 times her annual Executive Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs. In the event of a Change of Control where Ms. Joseph's employment is terminated during the 12-month period following such Change in Control by the Company without "Cause" or Ms. Joseph resigns for "Good Reason," then Ms. Joseph will be entitled to severance pay equal to a lump sum cash payment equal to 18 months of her annual Executive Base

32<br>

------

#### **TABLE OF CONTENTS**
Salary plus one additional month for each full year of service after the third full year of service up to a maximum of 24 months annual Executive Base Salary together with 150% of the Executive Short Term Bonus for the year in which termination of employment occurs. In the event Ms. Joseph's employment is terminated by the Company without Cause, other than in connection with a Change in Control, a pro-rated portion of her outstanding RSUs will vest, a pro-rated portion of her target number of PSUs will vest at the end of the performance period and a pro-rated portion of her outstanding options will vest and become exercisable. In the event Ms. Joseph's employment is terminated by the Company without Cause or by Ms. Jospeh for Good Reason within 12 months following a Change in Control, 100% of her outstanding RSUs and the target number of PSUs will vest, and 100% of her stock options will vest and become exercisable. In the event Ms. Joseph's employment terminates due to death or disability, 100% of her outstanding RSUs and the target number of PSUs will vest, and 100% of her stock options will vest and become exercisable.

#### 2025 POTENTIAL PAYMENTS ON TERMINATION TABLE
The following table describes the estimated potential payments upon termination or change of control of the Company for the following officers. The amounts shown assume that the termination or change of control occurred on December 31, 2025. The actual amounts to be paid can only be determined at the time of such an officer's separation from the Company.

---

| | | | |
|:---|:---|:---|:---|
|  | **Termination without** <br>**Cause<sup>(1)(2)(3)</sup>** | **Termination Following a** <br>**Change in Control<sup>(5)</sup>** | **Death or Disability of** <br>**NEO<sup>(6)(9)</sup>**  |
| **Robert Friedland**<br>|  |  |  |
| Lump Sum Payment: Base Salary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Lump Sum Payment: Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Restricted Stock Units (Unvested and Accelerated)<sup>(7)(10)(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$978216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2191960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2191960  |
| Performance Stock Units (Unvested and Accelerated) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$533572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3201465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3201465  |
| Stock Option Awards (Unvested and Accelerated)<sup>(8)(13)(14)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$484580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$700642  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1996368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6844067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6094067  |
| **Taylor Melvin**<br>|  |  |  |
| Lump Sum Payment: Base Salary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Lump Sum Payment: Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750000  |
| Restricted stock Units (Unvested and Accelerated)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$501644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518  |
| Performance Stock Units (Unvested and Accelerated) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1641785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1641785  |
| Stock Option Awards (Unvested and Accelerated)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$348728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$478258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$478258  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2623998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4714561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3964561  |
| **Jordan Neeser**<br>|  |  |  |
| Lump Sum Payment: Base Salary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Lump Sum Payment: Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000  |
| Restricted Stock Units (Unvested and Accelerated)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$376233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893  |
| Performance Stock Units (Unvested and Accelerated) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$205215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893  |
| Stock Option Awards (Unvested and Accelerated)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$209238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$286956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$286956  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1690686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2828742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2378742  |

---

33<br>

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Termination without** <br>**Cause<sup>(1)(2)(3)</sup>** | **Termination Following a** <br>**Change in Control<sup>(5)</sup>** | **Death or Disability of** <br>**NEO<sup>(6)(9)</sup>**  |
| **Quentin Markin**<br>|  |  |  |
| Lump Sum Payment: Base Salary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Lump Sum Payment: Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600000  |
| Restricted Stock Units (Unvested and Accelerated)<sup>(4)(7)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6134594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8285518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8285518  |
| Performance Stock Units (Unvested and Accelerated) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1094518  |
| Stock Option Awards (Unvested and Accelerated)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$382607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$382607  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7887203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10962643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10362643  |
| **Cassandra Joseph**<br>|  |  |  |
| Lump Sum Payment: Base Salary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Lump Sum Payment: Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450000  |
| Restricted Stock Units (Unvested and Accelerated)<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$376233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893  |
| Performance Stock Units (Unvested and Accelerated) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$205215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$820893  |
| Stock Option Awards (Unvested and Accelerated)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$654842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$745293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$745293  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2136290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3278079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2837079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company terminates an NEO's employment without Cause as defined in NEOs employment agreement before the unvested Ivanhoe Electric stock options are fully vested, a pro rata number of Ivanhoe Electric stock options shall vest on NEOs termination date based on his or her service completed from the Grant Date through the date of termination. The amount of unvested Ivanhoe Electric stock options that shall vest on the date of termination shall be equal to the number of whole months he or she was employed from the Grant Date, divided by 36 months, all multiplied by the number of unvested Ivanhoe Electric stock options at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On a termination of NEO's employment without Cause prior to the first anniversary of the vesting commencement date, a pro rata portion of the Ivanhoe Electric unvested RSUs shall vest based on the sum of: (1) a pro rata portion of the Ivanhoe Electric unvested RSUs relating to the one-third of the shares subject to the RSU award that would have otherwise vested on the first anniversary of the vesting commencement date, based on the number of whole months the participant was employed from the Grant Date, divided by 12 months, plus (2) a pro rata portion of the Ivanhoe Electric unvested RSUs relating to the one-third of the shares subject to the RSU award that would have otherwise vested on the second anniversary of the vesting commencement date, based on the number of whole months the participant was employed from the grant date, divided by 24 months, plus (3) a pro rata portion of the Ivanhoe Electric unvested RSUs relating to the one-third of the shares subject to the RSU award that would have otherwise vested on the third anniversary of the vesting commencement date, based on the number of whole months the participant was employed from the grant date, divided by 36 months.

&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Company terminates the NEO's employment without Cause prior to a Change in Control before the end of the performance period, a pro rata number of Ivanhoe Electric PSUs shall vest at the end of the performance period. The pro rata number will be calculated by multiplying the number of earned Ivanhoe Electric PSUs by a fraction, the numerator of which is the total number of days beginning on the grant date and ending on the termination date or, if applicable, on the final day of any legally-required notice period, and the denominator of which is the number of days in the performance period. For purposes of this table, we have assumed performance at target.

&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Company terminates Mr. Markin's employment without Cause as defined in Mr. Markin's employment agreement before the shares subject to the Ivanhoe Electric RSUs are fully vested, a pro rata number of shares subject to unvested Ivanhoe Electric RSUs shall vest on Mr. Markin's termination date based on his service completed from the Grant Date through the date of termination. The amount of shares subject to unvested Ivanhoe Electric RSUs that shall vest on the date of termination shall be equal to the number of whole months Mr. Markin was employed from the Grant Date, divided by 60 months, all multiplied by the number of unvested Ivanhoe Electric RSUs at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;(5) On a termination of employment following a change of control, 100% of the outstanding Ivanhoe Electric RSUs, the target number of Ivanhoe Electric PSUs will vest and 100% of the outstanding Ivanhoe Electric stock options will vest and become exercisable, as of the date of termination to the extent they are not already fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;(6) On a termination of employment due to death or disability, 100% of the outstanding Ivanhoe Electric RSUs, the target number of Ivanhoe Electric PSUs will vest, and 100% of the outstanding Ivanhoe Electric stock options will vest and become exercisable, as of the date of termination to the extent they are not already fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The values of the accelerated Ivanhoe Electric RSUs were determined by multiplying (a) the December 31, 2025, closing price of our common stock, by (b) the number of unvested and accelerated Ivanhoe Electric RSUs under each scenario.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The values of the accelerated Ivanhoe Electric options were determined by multiplying (a) the difference between the December 31, 2025 closing price of our common stock of $15.98 and the applicable exercise price of each option, by (b) the number of unvested and accelerated Ivanhoe Electric stock options under each scenario.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Except in the case of Mr. Friedland, on a termination of employment due to death or disability, a Short Term Bonus is owed on a pro rata basis that considers the degree of achievement and/or satisfaction of performance criteria and targets prior to separation from service and the number of months worked divided by the total number of months in the reporting year, except that no Short Term Bonus will be earned if the executive's employment is terminated for Cause or by reason of voluntary termination. The table excludes any such amounts. For purposes of this table the Company has assumed the maximum potential payout.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The values of the accelerated Cordoba RSUs were determined by multiplying (a) C$0.79 closing market price per share of Cordoba's common stock on December 31, 2025 by (b) the number of unvested and accelerated Cordoba RSUs under each scenario. This has been translated to USD using the Bank of Canada December 31, 2025 closing rate of 1 US dollar=1.3706 Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(11) On a termination of employment following a change of control as defined in the Cordoba LTIP, 100% of the Cordoba unvested RSUs and unvested options will vest.

&nbsp;&nbsp;&nbsp;&nbsp;(12) On a termination of employment due to death or disability, 100% of the Cordoba unvested RSUs and options will vest.

&nbsp;&nbsp;&nbsp;&nbsp;(14) The values of the accelerated Cordoba options were determined by multiplying (a) the difference between the December 31, 2025 closing price of Cordoba common shares of C$0.79 and the applicable exercise price of each option, by (b) the number of unvested and accelerated cordoba stock options under each scenario. This has been translated to USD using the Bank of Canada December 31, 2025 closing rate of 1 US dollar=1.3706 Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(15) No value has been attributed to accelerated VRB options, as the Company determined that such options were not in-the-money as at December 31, 2025. On a termination of employment due to death, 100% of Mr. Friedland's VRB Energy Inc. stock options vest and become exercisable. There is no accelerated vesting of VRB Energy Inc. stock options on termination of employment due to disability.

34<br>

------

#### CEO PAY RATIO
The following summarizes the relationship between the annual total compensation of the median employee from among our employees (other than the CEO) and the annual total compensation of the CEO.

#### Identification of the Median Employee
In accordance with SEC rules, we are reporting our CEO pay ratio. In 2024, we identified our median employee for purposes of the pay ratio disclosure using the following methodology:

We examined the compensation of all our full-time and part-time employees (other than the CEO) of Ivanhoe Electric and our consolidated subsidiaries worldwide as of December 31, 2024. We did not include independent contractors or contingent workers in our employee population for purposes of this determination.

We included the Company's global workforce, including 38% of that workforce being located in Colombia. Our analysis was not designed to capture the median compensation of Company's U.S. employees.

To identify the median employee, we calculated using a consistently applied compensation measure consisting of base pay, bonus, benefit costs, and the grant date fair value of equity awards granted, in each case during the period of January 1, 2024, through December 31, 2024. We selected this method as it captures the principal forms of compensation delivered to our employees and this information is readily available with respect to our employees. For employees paid in non-USD currencies, we converted their compensation to US dollars using the 2024 average of foreign exchange rates. After applying the methodology described above, we determined the identity of our median employee for fiscal year 2024 and then calculated the employee's annual total compensation in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K.

Since fiscal year 2024, there have been no changes in the Company's employee population or employee compensation arrangements that the Company believes would result in a significant change to its pay ratio disclosure. This belief is based on the Company's review of its global employee population, compensation structures, and payroll records, which confirmed that there were no material changes to workforce composition, compensation programs, or geographic distribution that would reasonably be expected to significantly affect the pay ratio calculation. Accordingly, the Company has chosen to use the same median employee identified for fiscal year 2024 for purposes of calculating the fiscal year 2025 pay ratio. The median employee's compensation has been recalculated for fiscal year 2025.

#### Ratio
As set forth in the Fiscal Year 2025 Summary Compensation Table above, our CEO's total annual compensation for fiscal year 2025 was $2,177,800. The median of the annual total compensation of our median employee for fiscal year 2025 was $40,588 resulting in a CEO to median employee ratio of approximately 53:1.

The SEC rules for identifying the median employee and calculating the pay ratio based on their annual total compensation permit companies to use various methodologies, exclusions, and assumptions tailored to their specific compensation practices. Consequently, the reported pay ratio may not be directly comparable to that of other companies, even those within the same industry or of similar size and scope. Differences in employment practices, regional demographics, or the methodologies and assumptions used in determining pay ratios can result in significant variations across organizations.

35<br>

------

#### **TABLE OF CONTENTS**

#### PAY VERSUS PERFORMANCE
As required by Item 402(v) of Regulation S-K, the Company is providing the following information regarding the relationship between executive compensation and the Company's financial performance for each of the available five years in the period ended December 31, 2025.

In accordance with the applicable SEC rules, the adjustments described and quantified below were made to the values reported in the Fiscal Year 2025 Summary Compensation Table for each applicable year to determine the "actual" compensation paid to our principal executive officers ("PEOs") and the average "actual" compensation paid to our non-PEO NEOs.

The following table summarizes compensation values reported in the Fiscal Year 2025 Summary Compensation Table for our PEOs and the average for our non-PEO NEOs, as compared to Compensation Actually Paid ("CAP") and the Company's financial performance for the years ended December 31, 2025, 2024, 2023, and 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Summary** <br>**Compensation** <br>**Table Total for** <br>**Current PEO<sup>(1)</sup>** | **Summary** <br>**Compensation** <br>**Table for** <br>**Former PEO<sup>(2)</sup>** | **Compensation** <br>**Actually Paid to** <br>**Current PEO<sup>(3)</sup>** | **Compensation** <br>**Actually Paid to** <br>**Former PEO<sup>(3)</sup>** | **Average** <br>**Summary** <br>**Compensation** <br>**Table Total for** <br>**Non-PEO Named** <br>**Executive** <br>**Officers<sup>(4)</sup>** | **Average** <br>**Compensation** <br>**Actually Paid to** <br>**Non-PEO Named** <br>**Executive** <br>**Officers<sup>(3)</sup>** | **Value of initial fixed $100** <br>**investment based on:** | **Value of initial fixed $100** <br>**investment based on:** | |
| **Year** | **Summary** <br>**Compensation** <br>**Table Total for** <br>**Current PEO<sup>(1)</sup>** | **Summary** <br>**Compensation** <br>**Table for** <br>**Former PEO<sup>(2)</sup>** | **Compensation** <br>**Actually Paid to** <br>**Current PEO<sup>(3)</sup>** | **Compensation** <br>**Actually Paid to** <br>**Former PEO<sup>(3)</sup>** | **Average** <br>**Summary** <br>**Compensation** <br>**Table Total for** <br>**Non-PEO Named** <br>**Executive** <br>**Officers<sup>(4)</sup>** | **Average** <br>**Compensation** <br>**Actually Paid to** <br>**Non-PEO Named** <br>**Executive** <br>**Officers<sup>(3)</sup>** | **Total** <br>**Shareholder** <br>**Return<sup>(5)</sup>** | **Peer Group** <br>**Total** <br>**Shareholder** <br>**Return<sup>(6)</sup>**  | <br>**Net Income** <br>(Loss)<sup>(7)</sup>  |
| 2025 | &nbsp;&nbsp;&nbsp;$2177800 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6062235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1633779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4328742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$183.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191.32 | ($125047000)  |
| 2024 | &nbsp;&nbsp;&nbsp;$1995245 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$71043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1494212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($60372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100.41 | ($140270000)  |
| 2023 | &nbsp;&nbsp;&nbsp;$971879 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;($1090621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7030149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5371399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115.57 | ($216075000)  |
| 2022 | &nbsp;&nbsp;&nbsp;$10083718 | &nbsp;&nbsp;&nbsp;&nbsp;$3103477 | &nbsp;&nbsp;&nbsp;&nbsp;$12566218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9302368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2181633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2862386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111.63 | ($160221000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The dollar amounts reported for the current PEO are the amounts reported for our CEO, Mr. Melvin (the Company's President and Chief Executive Officer since November 21, 2022), for each corresponding year in the "Total" column of the applicable Summary Compensation Table.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The dollar amounts reported for the former PEO are the amounts reported for our former CEO, Mr. Friedland (the Company's Executive Chairman) for each corresponding year in the "Total" column of the Summary Compensation Table of the Proxy Statement dated April 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Deductions from, and additions to, total compensation in the applicable Summary Compensation Table ("SCT") by year to calculate Compensation Actually Paid ("CAP") include:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **PEO** | **PEO** | **PEO** | **PEO** | **Former PEO** | **Average non-PEO NEOs**  | **Average non-PEO NEOs**  | **Average non-PEO NEOs**  | **Average non-PEO NEOs**  |
|  |  | **2025** | **2024** | **2023** | **2022** | **2022** | **2025** | **2024** | **2023** | **2022**  |
| **Summary Compensation Total** | **Summary Compensation Total** | **$2177800** | **$1995245**  | **$971879** | **$10083718** | **$3103477** | **$1633779** | **$1494212** | **$7030149** | **$2181633**  |
| **Adjustments for Equity Awards** | **Adjustments for Equity Awards** |  |  |  |  |  |  |  |  |  |
| Deduct: | Grant date values in SCT | ($1126371) | ($999904) | $— | ($10026668) | ($3103477) | ($1101760) | ($989854) | ($6362084) | ($2036581)  |
| Add: | Year-end fair value of unvested awards granted in the current year | $1820890 | $551538 | $— | $12509168 | $3962783 | $1874415 | $480587 | $4703334 | $2717334  |
| Add: | Year-over-year difference of year-end fair values for unvested awards granted in prior years | $1396205 | ($1110837) | ($1961668) | $— | $3989797 | $1492173 | ($853182) | $— | $—  |
| Add: | Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years and vested at prior year end or during current year | $1793711 | ($364999) | ($100832) | $— | $1349788 | $430135 | ($192135) | $— | $—  |
| **Total Adjustments for Equity Awards** | **Total Adjustments for Equity Awards** | **$3884435**  | **($1924202)**  | **($2062500)**  | **$2482500** | **$6198891** | **$2694963** | **($1554584)** | **($1658750)** | **$680753**  |
| **Compensation Actually Paid** | **Compensation Actually Paid** | **$6062235** | **$71043** | **($1090621)** | **$12566218** | **$9302368** | **$4328742** | **($60372)**  | **$5371399** | **$2862386** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) The dollar amounts reported for the non- PEO Named Executive Officers for 2025 are the average of the amounts reported for the other NEOs, Robert Friedland, Jordan Neeser, Quentin Markin and Cassandra Joseph, for the corresponding year in the "Total" column of the Fiscal Year 2025 Summary Compensation Table; for 2024, the amounts reported for the non- PEO Named Executive Officers are the average of the amounts reported for the other NEOs, Robert Friedland, Jordan Neeser, Quentin Markin and Cassandra Joseph, for the corresponding year in the "Total" column of the Summary Compensation Table of the Proxy Statement dated April 22, 2025; and the amounts reported for 2023 are the amounts reported for the other NEOs, Quentin Markin and Cassandra Joseph, in the "Total" column of the Summary Compensation Table of the Proxy Statement dated April 24, 2024; and the amounts reported for 2022 are the amounts reported for the other NEOs, Jordan Neeser and Glen Kuntz, in the "Total" column of the Summary Compensation Table of the Proxy Statement dated April 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Total Shareholder Return assumes the investment of $100 in our common stock beginning on June 30, 2022, which was the closing date of our initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Peer group return is based on the S&P/TSX Equal Weight Global Base Metals Index. Amounts are converted from CAD to USD using the rate from Bank of Canada at each period end.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company's net loss is reflected in the Company's audited financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) For 2025, the Company did not use any financial reporting measures to link compensation actually paid to the Company's NEOs for fiscal year 2025 to company performance. As discussed under "Compensation Discussion & Analysis-Short Term Incentive Awards," the Company focused on health, safety and the environment; operational performance; and corporate development in linking compensation to company performance for 2025.

36<br>

------

#### **TABLE OF CONTENTS**

#### RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND TOTAL SHAREHOLDER RETURN
The following chart illustrates the relationship between CAP to our Current PEO, Former PEO and non-PEO NEOs (averaged), and our Company's TSR over the reporting period.

![](ny20062456x1_pvp01.jpg)

#### RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND NET INCOME
The following chart illustrates the relationship between CAP to our Current PEO, Former PEO and non-PEO NEOs (averaged), and our Net Income (Loss) over the reporting period.

![](ny20062456x1_pvp02.jpg)

37<br>

------

#### **TABLE OF CONTENTS**

#### RELATIONSHIP BETWEEN TOTAL SHAREHOLDER RETURN AND PEER GROUP TOTAL SHAREHOLDER RETURN
The following chart illustrates the relationship between our total shareholder return and our peer group total shareholder return over the reporting period.

![](ny20062456x1_pvp03.jpg)

### EQUITY INCENTIVE PLANS OF THE COMPANY
This proxy statement includes information regarding the Company's equity incentive plans and certain equity incentive arrangements maintained by the Company's subsidiaries where executives are compensated or may be compensated with awards granted pursuant to those plans.

#### LONG TERM INCENTIVE PLAN
We adopted the Long Term Incentive Plan ("LTIP"), which allows us to equity-based awards to our NEOs, as well as other officers and employees, including those who are directors, consultants, and non-employee directors. The purpose of the LTIP is to recognize the contributions made by our employees, consultants, and directors, and to provide these individuals with an additional incentive to use maximum efforts for the future success of the Company. All stock options granted in 2021 and until the adoption of the LTIP on completion of our initial public offering on June 30, 2022, were granted under the prior Ivanhoe Electric Equity Incentive Plan adopted on June 30, 2021 (the "Prior Incentive Plan"), described below, which is no longer used for grants. From June 30, 2022, our only open securities-based compensation plan is the LTIP.

*Plan Term. The LTIP has a ten-year term, and expires on the tenth anniversary of its adoption, unless prior to that date our Board of Directors terminates the LTIP.* 

*Authorized Shares. Subject to adjustments as described below, as of December 31, 2025, there were 14,757,072 shares of our common stock reserved for issuance under the LTIP. Additionally, the number of shares of our common stock reserved for issuance under the LTIP increased automatically on the first day of each fiscal year beginning on January 1, 2023 and ending in 2032, by an amount equal to the lesser of (i) 5% of outstanding shares on December 31 of the immediately preceding fiscal year or (ii) such number of shares as determined by our Board of Directors in its discretion. The Board elected to waive the annual increase that would otherwise have taken effect on January 1, 2026.* 

If a stock option expires or otherwise terminates without having been exercised in full, or if any shares subject to a stock award are forfeited, or if shares from an award are withheld in payment of an exercise price or in payment of withholding taxes, the shares for which such stock option was not exercised or the shares so forfeited or withheld will again be available for issuance under the LTIP. Also, to the extent awards are forfeited, expired or not exercised under the terms of the Prior Incentive Plan, they will again be available for award under the LTIP.

*Administration. Our Compensation and Nominating Committee (referred to in this section as the Compensation Committee), which is composed of two or more non-employee directors (currently Ms. Patil, Mr. Ball, and Mr. Loftus-Hills), administers the LTIP, except that our Board of Directors administers the LTIP with respect to grants to non-employee directors. Subject to certain exceptions, the Board of Directors may exercise the authority of the Compensation Committee under the LTIP. The Compensation Committee complies with the legal requirements (if any) relating to the administration of the types of awards granted under the LTIP imposed by applicable corporate and securities laws, the Code (as defined below) and any stock exchange or national market system on which our common stock is then listed or traded. The Compensation Committee, or our Board of Directors, has authority to select individuals to whom awards are granted, determine the types of awards and terms and conditions of awards (including applicable vesting periods), and construe and interpret the LTIP and awards under it. Notwithstanding the foregoing, the Board of Directors may not take any of the following actions without approval from the Company's stockholders:* 

&nbsp;&nbsp;&nbsp;&nbsp;• Increase the share limit (other than as a share adjustment as permitted by LTIP terms) without approval of the Company's stockholders given within twelve (12) months before or after such action;

&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the exercise or purchase price of an award benefiting a director or executive officer (collectively "Insiders" and individually an "Insider");

38<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• Extend the term of an incentive security benefiting an Insider;

&nbsp;&nbsp;&nbsp;&nbsp;• Amend the LTIP to remove or exceed the Insider participation limit; or

&nbsp;&nbsp;&nbsp;&nbsp;• Amend the LTIP amendment provisions.

*Types of Awards. The LTIP provides for grants of stock options, restricted stock awards, which includes performance based stock awards, restricted stock unit awards, deferred stock unit awards, dividend equivalents and other stock-based awards.* 

*Stock Options. A stock option is a contractual right to purchase shares at a future date at a specified exercise price. Generally, the per share exercise price of a stock option will be determined by our Compensation Committee (or our Board of Directors) but may not be less than the closing price of a share of our common stock on the grant date, or higher price as required by the TSX rules. No stock option will be exercisable more than ten years from the grant date. Stock options may include cashless exercise and early exercise features. Stock options that are intended to qualify as "incentive stock options" must meet the requirements of Section 422 of the Code, whereas nonstatutory stock options are not subject to those requirements.* 

*Restricted Stock, Restricted Stock Unit and Performance Share Unit Awards. A stock award is an award in the form of shares of our common stock, including restricted stock and share-settled restricted stock units, which may include dividend equivalents. Our Compensation Committee, or our Board of Directors, will determine the terms, conditions, and limitations applicable to any stock award, including vesting or other restrictions. As required by the LTIP, if a holder of restricted stock would otherwise be entitled to dividends paid prior to vesting, such dividends shall only be paid to the holder to the extent the vesting conditions are subsequently satisfied and the restricted stock vests.*

Restricted stock units may be subject to time-based or performance-based vesting. Where restricted stock units are subject to performance-based vesting, we may refer to the units as "performance share units" or "PSUs." The Compensation Committee has broad discretion in selecting the performance criteria for an award for purposes of establishing performance goals. The performance criteria used to establish performance goals include: (i) net earnings or losses (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization and (E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue or sales or revenue growth; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit (either before or after taxes); (vi) cash flow (including, but not limited to, operating cash flow and free cash flow); (vii) return on assets; (viii) return on capital (or invested capital) and cost of capital; (ix) return on stockholders' equity; (x) total stockholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs, reductions in costs and cost control measures; (xiv) expenses; (xv) working capital; (xvi) earnings or loss per share; (xvii) adjusted earnings or loss per share; (xviii) price per share or dividends per share (or appreciation in and/or maintenance of such price or dividends); (xix) regulatory achievements or compliance (including, without limitation, regulatory body approval for commercialization of a product); (xx) implementation or completion of critical projects; (xxi) market share; (xxii) economic value, any of which may be measured either in absolute terms or as compared to any incremental increase or decrease or as compared to results of a peer group or to market performance indicators or indices and (xxiii) such other performance criteria determined by the Compensation Committee in its discretion.

Notwithstanding the foregoing, the Compensation Committee, in its sole discretion, may provide for adjustments to performance goals, which may include, but are not limited to: (i) items related to a change in applicable accounting standards; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the performance period; (vii) items related to the sale or disposition of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under applicable accounting standards; (ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the performance period; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company's core, on-going business activities; (xiv) items related to acquired in-process research and development; (xv) items relating to changes in tax laws; (xvi) items relating to major licensing or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating to gains or losses for litigation, arbitration and contractual settlements; (xix) items attributable to expenses incurred in connection with a reduction in force or early retirement initiative; (xx) items relating to foreign exchange or currency transactions and/or fluctuations; or (xxi) items relating to any other unusual or nonrecurring events or changes in applicable law, applicable accounting standards or business conditions.

*Deferred Stock Unit Award. A deferred stock unit award is a unit evidencing the right to receive at a future date one share of common stock. Payment in respect of a deferred stock unit award may be made in the form of cash or common stock or a combination thereof as determined by our Compensation Committee, or our Board of Directors.* 

*Dividend Equivalents. Dividend equivalents may be granted by the Compensation Committee, either alone or in tandem with another award, based on dividends declared on the common stock. Such dividend equivalents shall be converted to cash or additional shares by such formula and at such time and subject to such restrictions and limitations as may be determined by the Compensation Committee. Dividend equivalents with respect to an award shall only be paid out to the holder to the extent that the vesting conditions are subsequently satisfied and the award vests. Notwithstanding the foregoing, no dividend equivalents shall be payable with respect to options or other purchase rights.*

*Other Stock-Based Awards. The Compensation Committee may also grant other types of awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of our common stock, subject to terms and conditions determined by the Committee and the limitations in the LTIP.*

*Eligibility. Any employee, officer, non-employee director or eligible consultant providing services to the Company or any of our subsidiaries is eligible to receive awards under the LTIP, at the discretion of the Compensation Committee, except that incentive stock options may only be granted to our employees. The LTIP includes an overall compensation limit of $750,000 per year for non-employee directors, considering all compensation paid or awarded at accounting grant date fair values, consisting of cash and equity-based awards granted.* 

39<br>

------

*Adjustments. In the event of any subdivision or consolidation of outstanding shares of our common stock, declaration of a dividend payable in shares of our common stock or other stock split, our Compensation Committee, or our Board of Directors, will proportionately adjust the number of shares issuable under the LTIP and the terms of any outstanding awards (including the number of shares covered by outstanding awards, the exercise price and the appropriate fair market value determination). In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting our common stock or any distribution to holders of our common stock of securities or property (other than normal cash dividends or dividends payable in our common stock), our Compensation Committee, or our Board of Directors, will proportionately adjust the number of shares issuable under the LTIP and the terms of any outstanding awards, but only to the extent necessary to maintain the proportionate interest of the award holders and preserve, without exceeding, the value of such awards. In addition, in the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, our Compensation Committee, or our Board of Directors, may make such adjustments to awards or other provisions for the disposition of awards as it deems equitable, and will be authorized to provide for the substitution or assumption of awards, the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, awards, the cash-out of awards (with cancellation of any awards that are "out of the money"), or the cancellation of options with notice and opportunity to the holders thereof to exercise prior to such cancellation.* 

*Termination of Service. Upon a participant's termination of service, any unexercised, unvested, or unpaid awards will be treated as set forth in the applicable award agreement. The LTIP provides that, unless otherwise provided in an award agreement, vested and unvested awards are forfeited upon a termination of employment for Cause (as defined in the LTIP); unvested awards are forfeited upon a voluntary resignation; vested awards are retained and not forfeited upon a termination of employment by the Company without Cause; vesting of unvested awards continues for the longer of (i) an applicable notice period or (ii) three months, otherwise unvested award are forfeited and vesting ceases upon termination; and unvested awards accelerate upon a termination for death or disability. All of our NEOs have entered into separate award grant agreements which govern their grants of stock options, RSUs and PSUs granted under the LTIP.* 

*Change in Control. In the event of a change in control (and except as set forth in the applicable award agreement) (i) with respect to stock options, if the stock options are not continued, assumed or substituted by the Company (or surviving corporation or ultimate parent corporation in a change in control), unless otherwise provided in an applicable award agreement, our Compensation Committee, or our Board of Directors, may provide for full or partial vesting or cash-out of any such stock options and (ii) with respect to stock awards, our Compensation Committee, or our Board of Directors, may provide in the applicable award agreement the terms and conditions that relate to the lapse of any restrictions on shares subject to any stock awards in the event of a change in control. The LTIP provides that, unless otherwise provided in an applicable award agreement, awards will include "double-trigger" vesting, and will vest if the participant's employment is terminated without "Cause" or for "Good Reason," as defined in the LTIP, within one year following the change in control. All of our NEOs have entered into separate award grant agreements which govern the effect of a Change in Control on their stock options, RSUs and PSUs.* 

TSX Exemption. The Company is an "Eligible Interlisted Issuer" as such term is defined in the TSX Company Manual. In accordance with the policies of the TSX and certain exemptions available to "Eligible Interlisted Issuers" pursuant to Section 602.1 of the TSX Company Manual, the Company has applied for relief from complying with Section 613 (Security Based Compensation) of the TSX Company Manual. Among other things, such relief (i) alleviates the need of the Company to seek shareholder approval of the unallocated awards under the LTIP every three years, (ii) permits the number of authorized shares available under the LTIP to be based on a formula that is neither a fixed number or a fixed percentage of the Company's outstanding capital represented by such securities, (iii) exempts the Company from having to ratify grants made under the LTIP since June 30, 2025 and (iv) generally permits the Company to only comply with the NYSE American rules and United States securities laws in connection with its administration of the LTIP.

#### IVANHOE ELECTRIC INC. EQUITY INCENTIVE PLAN
The Prior Incentive Plan was adopted on June 30, 2021. The purpose of the Prior Incentive Plan was to secure for the Company and its stockholders the benefits of the incentive inherent in share ownership by the directors and employees of the Company and its affiliates who, in the judgment of the Board of Directors, were largely responsible for its future growth and success. The Prior Incentive Plan aided in retention and encouragement of employees and directors of exceptional ability because of the opportunity offered them to acquire a proprietary interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the Prior Incentive Plan was limited to 10% of the outstanding shares of the Company's capital stock. The number of shares reserved for issuance to any one participant at any time could not exceed 5% of the total number of the Company's shares, on a non-diluted basis, that are issued and outstanding as of a particular date.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types*. The Prior Incentive Plan provided for the award of stock options, share appreciation rights, and bonus share awards to eligible employees and directors. The option term was five years, and options would generally vest and become exercisable over a four-year period, 25% per year. The exercise of options was generally conditioned upon the employee or director's continuous service. Bonus shares could be granted to eligible employees and directors as discretionary bonuses subject to provisions and restrictions determined by the Board of Directors. The Prior Incentive Plan includes certain provisions that may accelerate vesting upon a takeover bid.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The Prior Incentive Plan was administered by the Board of Directors. The Prior Incentive Plan was closed to new grants of awards on the completion of our initial public offering on June 30, 2022. As at December 31, 2025 there were remaining outstanding 1,581,665 options under the Prior Incentive Plan exercisable for 1,581,665 shares of common stock.

40<br>

------

#### **TABLE OF CONTENTS**

#### VRB ENERGY, INC. STOCK OPTION PLAN
The VRB Energy Inc. ("VRB") Stock Option Plan (the "VRB Plan") is a plan of a subsidiary of the Company that was adopted by VRB on November 7, 2017. The purpose of the VRB Plan is to provide VRB and its subsidiaries, present and future, with the means to encourage, attract, retain, and motivate certain eligible participants by granting such eligible participants stock options to purchase common shares in VRB's capital thus giving them an on-going proprietary interest in VRB.

Eligible participants include directors, employees, and consultants of VRB and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the VRB Plan is limited to 10% of the outstanding shares of VRB's capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types.* The VRB Plan provided for the award of stock options and share appreciation rights, and bonus share awards to eligible employees and directors. The exercise of options was generally conditioned upon the employee or director's continuous service. The option term under the VRB Plan cannot exceed ten years. The VRB options granted to Mr. Friedland have a five-year term, with 20% vested upon grant and an additional 20% to vest on each anniversary of grant thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The VRB Plan is administered by VRB's remuneration committee or its board, as applicable.

#### VRB ENERGY USA INC. 2025 STOCK OPTION PLAN
The VRB Energy USA, Inc. ("VRB USA") 2025 Stock Option Plan (the "VRB USA Plan") is a plan of a subsidiary of the Company and was adopted by VRB USA on July 21, 2025. The purpose of the VRB USA Plan is to provide VRB USA and its subsidiaries, present and future, with the means to encourage, attract, retain, and motivate certain eligible participants by granting such eligible participants stock options to purchase common stock in VRB USA thus giving them an on-going proprietary interest in VRB USA.

Eligible persons include any employee, officer, non- employee director, consultant, independent contractor or advisors of VRB USA and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the VRB USA Plan that may be issued under all awards under the VRB USA Plan shall be equal to 1,000,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types.* The VRB USA Plan provides for the award of stock options to eligible persons providing services to VRB USA or its subsidiaries. The option term under the VRB USA Plan cannot exceed ten years.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The VRB USA Plan is administered by VRB USA's board of directors or any committee designed by the board.

#### CORDOBA MINERALS CORP. AMENDED STOCK OPTION PLAN
The Cordoba Minerals Corp. Amended Stock Option Plan (the "Cordoba Plan") is a plan of a subsidiary of the Company and was most recently amended by Cordoba Minerals on June 26, 2024. The purpose of the Cordoba Plan is to provide Cordoba Minerals and its subsidiaries, present and future, with the means to encourage, attract, retain, and motivate certain eligible participants by granting such eligible participants stock options to purchase common shares in Cordoba Minerals' capital thus giving them an on-going proprietary interest in Cordoba Minerals.

Eligible participants include directors, employees and consultants of Cordoba Minerals and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the Cordoba Plan is limited to 10% of the outstanding shares of Cordoba Minerals' capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types.* The Cordoba Plan provides for the award of stock options to eligible employees, directors, and consultants. The option term under the Cordoba Plan cannot exceed ten years.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The Cordoba Plan is administered by Cordoba Minerals' board, or any committee appointed by Cordoba Minerals' board to administer the Cordoba Plan.

#### CORDOBA MINERALS CORP. AMENDED LONG TERM INCENTIVE PLAN
The Cordoba Minerals Corp. Amended Long Term Incentive Plan (the "Cordoba LTIP") is a plan of a subsidiary of the Company and was established by Cordoba Minerals on July 27, 2017, and amended on June 26, 2024. The purpose of the Cordoba LTIP is to provide for the granting of share unit awards and the settlement of such share unit awards through the payment of cash (or, subject to the required shareholder approval and at the election of the Board in its sole discretion, the issuance of shares from treasury) for services rendered, or to be rendered, in the year of grant, for the purpose of advancing the interests of Cordoba Minerals, its affiliates and its shareholders through the motivation, attraction and retention of employees, officers and eligible contractors and the alignment of their interest with the interest of Cordoba Minerals' shareholders.

Eligible participants include employees and consultants of Cordoba Minerals and its subsidiaries. Directors are excluded from the Cordoba LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the Cordoba LTIP is limited to 8,981,393 shares of Cordoba Minerals' capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types.* The Cordoba LTIP provides for the award of share units to eligible employees and consultants.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The Cordoba LTIP is administered by Cordoba Minerals' board.

#### KAIZEN DISCOVERY INC. STOCK OPTION PLAN AND KAIZEN DISCOVERY INC. LONG TERM INCENTIVE PLAN
On February 6, 2024, the Kaizen Discovery Inc. Stock Option Plan and the Kaizen Discovery Inc. Long Term Incentive Plan were terminated pursuant of the acquisition of Kaizen Discovery Inc. by Ivanhoe Electric Inc. The Company acquired all of the issued and outstanding common shares of Kaizen Discovery Inc. (the "Common Shares") not already beneficially owned by the Company pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) and the Arrangement Agreement (the "Arrangement"). Immediately

41<br>

------

#### **TABLE OF CONTENTS**
prior to the closing of the Arrangement, the Company beneficially owned 54,428,971 common shares of Kaizen Discovery Inc., representing 82.54% of the issued and outstanding common shares on a non-diluted basis. Following the closing of the Arrangement, the Company beneficially owns 69,229,659 Common Shares, representing 100% of the issued and outstanding common shares on a fully diluted basis. Pursuant to the terms of the Arrangement, the Kaizen Discovery Inc. stock options were cancelled, and the Kaizen Discovery Inc. RSUs and DSUs were accelerated and settled in Kaizen Discovery Inc. Common Shares. The Company then acquired all Common Shares not already owned by the Company in consideration for the issuance of one share of common stock of Ivanhoe Electric for every 127 Common Shares issued and outstanding immediately prior to the closing of the Arrangement. A total of 116,413 shares of Ivanhoe Electric were issued.

#### COMPUTATIONAL GEOSCIENCES INC. AMENDED & RESTATED 2011 INCENTIVE STOCK OPTION PLAN
The Computational Geosciences Inc. ("CGI") Amended & Restated 2011 Incentive Stock Option Plan (the "CGI Plan") is a plan of a subsidiary of the Company and was most recently amended by CGI on March 14, 2011, and amended on June 30, 2020. The purpose of the CGI Plan is to provide CGI present and future, with the means to encourage, attract, retain, and motivate certain eligible participants by granting such eligible participants stock options to purchase common shares in CGI's capital thus giving them an on-going proprietary interest in CGI.

Eligible participants include employees, executive officer, director and consultant of CGI.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* The aggregate number of shares of common stock reserved under the CGI Plan is limited to 10% of the outstanding shares of CGI capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;• *Award Types.* The CGI Plan provides stock options to eligible employees, executive officers, directors, and consultants. The option term under the CGI Plan cannot exceed ten years.

&nbsp;&nbsp;&nbsp;&nbsp;• *Administration.* The CGI Plan is administered by CGI's board.

#### SECURITIES AUTHORIZED FOR ISSUANCE UNDER LONG TERM INCENTIVE TABLE
The following table gives information about Ivanhoe Electric Inc. common stock that may be issued under our equity compensation plans as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be** <br>**issued upon exercise of** <br>**outstanding options, DSUs** <br>**and RSUs**<br>**A** | **Weighted-average** <br>**exercise price of** <br>**outstanding options<sup>(1)</sup>**<br>**B** | **Number of securities remaining** <br>**available for future issuance** <br>**under equity compensation plans** <br>**(excluding securities reflected in** <br>**column A)**<br>**C**  |
| Equity compensation plans approved by stockholders (LTIP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120027<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14757072<sup>(3)</sup>  |
| Equity compensation plans not approved by stockholders (Prior Incentive Plan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14757072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The weighted-average exercise price does not reflect the shares that will be issued in connection with the settlement of RSUs, DSUs or PSUs since RSUs, DSUs and PSUs have no exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists of 5,097,541 shares of common stock issuable upon the exercise of stock options, 1,181,695 shares of common stock deliverable upon settlement of RSUs, 162,266 shares of common stock deliverable upon settlement of DSUs, and 678,525 shares of common stock deliverable upon settlement of PSUs, assuming that PSUs vest at target. The number of PSUs that vest is based on performance criteria and ranges between zero times to two times the target number of PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares available for issuance under the 2022 LTIP, which may be used for any type of award authorized under the 2022 LTIP, including stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, other stock or cash-based awards, and dividend equivalents. The number of shares available for issuance under the 2022 LTIP Plan is subject to (i) an annual increase on the first day of each year ending in 2032 equal to the lesser of (A) five percent (5%) of the shares of common stock outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of common stock as determined by the Board, and (ii) increase by the amount, if any, equal to the number of awards under the 2021 LTIP that terminate, expire or lapse for any reason without the delivery of shares of common stock to the holder thereof or are repurchased by the Company at the original purchase price thereof. The Board elected to waive the annual increase that would otherwise have taken effect on January 1, 2026.

42<br>

------

#### **TABLE OF CONTENTS**

### PROPOSAL THREE

#### RATIFICATION OF THE APPOINTMENT OF THE COMPANY'S INDEPENDENT REGISTERED PUBLIC

#### ACCOUNTING FIRM

#### Overview
Deloitte LLP ("Deloitte") currently serves as the Company's independent registered public accounting firm, and that firm conducted the audit of the Company's financial statements for fiscal years ended December 31, 2025, 2024, 2023 and 2022. The Audit Committee has appointed Deloitte as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026, and the Board of Directors is asking stockholders to ratify that appointment. Appointment of the Company's independent registered public accounting firm is not required to be submitted to a vote of the stockholders of the Company for ratification. Although the Sarbanes-Oxley Act of 2002, as well as the charter of the Audit Committee, requires the Audit Committee to appoint, retain, and oversee the Company's independent registered public accounting firm, the Board of Directors considers the appointment of the independent registered public accounting firm to be an important matter of stockholder concern and is submitting the appointment of Deloitte for ratification by stockholders as a matter of good corporate practice.

If the affirmative vote of the holders of a majority of the stock present in person or by proxy entitled to vote on this matter are not cast in favor of the appointment of Deloitte, the Audit Committee and the Board of Directors will reconsider the appointment of such firm as the Company's independent registered public accounting firm. Even if stockholders vote on an advisory basis in favor of the appointment, the Audit Committee may, in its discretion, direct the appointment of different independent auditors at any time during the year if it determines that such a change would be in the best interests of the Company and the stockholders.

The Company expects representatives of Deloitte to attend the Annual Meeting by teleconference and to be available to respond to appropriate questions. They also will have an opportunity to make a statement if they desire to do so.

#### Vote Required
Approval of the ratification of the appointment of Deloitte LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal 3) will require the affirmative vote of the holders of a majority of the stock present in person or represented by proxy at the meeting and entitled to vote. Unless otherwise instructed, the Named Proxies will vote properly executed proxies timely received "FOR" proposal 3.

**THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE RATIFICATION OF THE APPOINTMENT OF DELOITTE LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2026.** 

43<br>

------

#### **TABLE OF CONTENTS**

### RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte LLP ("Deloitte") serves as the Company's independent registered public accounting firm and has served in that capacity since 2021. The decision to engage Deloitte as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026, was approved by the Audit Committee.

The Audit Committee considered the independence of Deloitte and whether the audit services Deloitte provides to the Company are compatible with maintaining that independence. The Audit Committee has adopted procedures by which the Audit Committee must approve in advance all services provided by and fees paid to the Company's independent registered public accounting firm. The advance approval requirement was not waived in any instance during the past fiscal year.

#### FEES AND SERVICES OF DELOITTE LLP
The following table sets forth the aggregate fees billed to us by Deloitte for professional services rendered for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  |
| Audit Fees<sup>(1)</sup> | $1332764 | $1330482  |
| Audit Related Fees<sup>(2)</sup> | $61251 | $21901  |
| Tax Fees<sup>(3)</sup> | $— | $6000  |
| All Other Fees<sup>(4)</sup> | $1942 | $1967  |
| **Total Fees (in USD)** | $1395957 | $1360350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Fees for audit service on an accrued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Fees for audit-related services including securities work from the October 2025 financing as described under "Certain Relationships and Related party Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Fees for tax compliance, tax advice and tax planning.

&nbsp;&nbsp;&nbsp;&nbsp;(4) All other fees not included above include an annual subscription to Deloitte's accounting research tool.

#### AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
The Audit Committee has adopted a policy that requires the Audit Committee or a member of the Audit Committee to pre-approve all audit and permissible non-audit services to be provided by our independent auditor. These services include audit services, audit-related services, and tax services. and other permissible services. Pre-approval is generally requested annually, with any pre-approval detailed as to the particular service, which must be classified in one of the categories of services listed above. Our Audit Committee may also, on a case-by-case basis, pre-approve particular services that are not contained in the annual pre-approval request. In connection with this pre-approval policy, our Audit Committee also considers whether the categories of pre-approved services are consistent with the rules on accountant independence of the SEC and the Public Company Accounting Oversight Board.

In addition, in the event time constraints require pre-approval prior to our Audit Committee's next scheduled meeting, our Audit Committee may delegate to one or more members of the Audit Committee the authority to pre-approve services to be provided by the independent public accountants and the fees thereof. Any such pre-approval by one or more members of the Audit Committee will be reported to the full Audit Committee at a subsequent meeting. Our Audit Committee pre-approved all audit services provided by Deloitte for the years ended December 31, 2025, and 2024 pursuant to our pre-approval policies and procedures.

### REPORT OF THE AUDIT COMMITTEE
The following is the report of the Audit Committee with respect to the Company's audited financial statements for the fiscal years ended December 31, 2025, 2024, and 2023. The Audit Committee oversees the Company's financial reporting process on behalf of the Board of Directors.

The Audit Committee is currently composed of three non-employee directors and operates under a written charter adopted and approved by the Board of Directors. The Board of Directors, in its business judgment, has determined that each Audit Committee member is "independent" as such term is defined under the applicable NYSE American rules and under Section 10A(m)(3) of the Exchange Act. The Board of Directors determined that Mr. Ball is an "audit committee financial expert" as such term is defined in Item 407(d)(5) of SEC Regulation S-K.

The Audit Committee has sole authority to appoint, retain, compensate, evaluate, oversee, and terminate the Company's independent registered public accounting firm, to approve fees and other terms of the engagement, and to approve any permitted non-audit engagements with the independent registered public accounting firm.

The Company's management has the primary responsibility for the preparation, presentation, and integrity of the Company's financial statements and the accounting and reporting process, including the systems of internal controls, and procedures to assure compliance with applicable accounting standards and applicable laws and regulations.

The Company's independent registered public accounting firm is responsible for auditing those financial statements and expressing an opinion as to their conformity with accounting principles generally accepted in the United States of America.

The Audit Committee's responsibility is to independently monitor and review the financial reporting processes of the Company. However, the Audit Committee members are not professionals engaged in the practice of accounting or auditing, and must rely, without independent verification, on the information provided to them and on the representations made by management and the independent registered public accounting firm. Accordingly, although the Audit Committee members consult with and discuss these matters and their questions and concerns with management and the Company's independent registered public accounting firm, the Audit Committee's oversight cannot provide an independent basis to assure that management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures consistent with accounting standards and applicable laws and regulations. Furthermore, the

44<br>

------

#### **TABLE OF CONTENTS**
Audit Committee's considerations and discussions cannot assure that the audit of the Company's financial statements has been carried out in accordance with generally accepted auditing standards; that the financial statements are presented in accordance with generally accepted accounting principles; or, that the Company's independent registered public accounting firm is in fact "independent."

In this context, the Audit Committee holds meetings throughout the year to, among other things, facilitate and encourage communication among the Audit Committee, management, and the Company's independent registered public accounting firm.

In fulfilling the Audit Committee's oversight responsibilities, the Audit Committee members reviewed and discussed (a) the audited financial statements for the fiscal years ended December 31, 2025, 2024, and 2023 with the Company's management and the independent registered public accounting firm, who are responsible for expressing an opinion on the conformity of the Company's audited financial statements with accounting principles generally accepted in the United States, including a discussion of their judgments as to the quality, not just the acceptability, of the Company's accounting principles, (b) the reasonableness of significant judgments, (c) the clarity of disclosures in the financial statements, and (d) such other matters as are required to be discussed under the applicable Public Company Accounting Oversight Board ("PCAOB") and SEC rules.

The Audit Committee also discussed with the Company's independent registered public accounting firm matters related to the conduct of the audit of the Company's financial statements and matters required to be discussed by the PCAOB. The Audit Committee's discussions included a discussion of the background and experience of the independent auditor's audit team assigned to Ivanhoe Electric Inc. and the quality control procedures established by the independent registered public accounting firm. The Audit Committee has received the written disclosures and the letter from the Company's independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent registered public accounting firm's communications with the Audit Committee concerning independence, and the Audit Committee has discussed with the independent registered public accounting firm its independence from the Company and its management. The Audit Committee met with the independent registered public accounting firm with and without management present to discuss the results of their examinations, their evaluations of the Company's internal controls, and the overall quality of the Company's financial reporting.

Based on the review and the aforementioned meetings, discussions and reports, and subject to the limitations on its role and responsibilities referred to above and in the Audit Committee Charter, the Audit Committee recommended to the Company's Board of Directors that the Company's audited financial statements be included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for filing with the SEC, and appointed Deloitte LLP as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2026.

#### AUDIT COMMITTEE
Russell Ball (Chair)

Priya Patil

Ronald Vance

*The information contained in the foregoing report shall not be deemed to be "soliciting material" or to be "filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference in such filing.* 

45<br>

------

#### **TABLE OF CONTENTS**

### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Pursuant to the NYSE American Company Guide, related party transactions are subject to appropriate review and oversight by the Company's Audit Committee. Pursuant to the Company's Audit Committee Charter, the Audit Committee shall review all material transactions with related persons (within the meaning of the United States and Canadian securities laws) for the purpose of recommending to the disinterested members of the Board of Directors that the transactions are fair, reasonable and within Company policy, and should be ratified and approved; the Committee shall approve all such transactions; and the Committee shall review periodically, but no less frequently than annually, a summary of the Company's transactions with directors and officers of the Company and with firms that employ directors, as well as any other material related party transactions.

The following is a description of transactions and any currently proposed transactions to which we were a participant since January 1, 2025 in which the amount involved exceeded or will exceed the lesser of $120,000 and in which any person that was one of our executive officers, directors, director nominees or an immediate family member thereof at any time during such period, or any person that was the beneficial holder of more than 5% of any class of our voting securities or immediate family member thereof at the time in which the person had a director or indirect material interest occurred, had or will have a direct or indirect material interest (in addition to the employment agreements, equity awards and other compensation-related arrangements described herein).

#### COST SHARING AGREEMENT
Effective May 3, 2021, we became a party to a cost sharing agreement ("Cost Sharing Agreement") dated as of December 4, 2013, and amended as of January 1, 2016, among Global Mining Management (BVI) Corp., Global Mining Management Corporation ("GMM Corp") which is beneficially owned, in part, by our Executive Chairman Robert Friedland, and certain other affiliated and non-affiliated companies (the "Operating Corporate Shareholders"). The Cost Sharing Agreement establishes the arrangement by which the Operating Corporate Shareholders, including us, share office facilities and the employment of various administrative, office and management personnel who provide various services to one or more Operating Corporate Shareholders including, without limitation, accounting, corporate secretarial, administrative, human resources, financing, legal, IT and management services, necessary to fulfill the day-to-day responsibilities and ensure compliance with regulatory requirements. Each Operating Corporate Shareholder maintains records of the time spent by each shared employee in providing employment services to the Operating Corporate Shareholder. Each Operating Corporate Shareholder provides GMM with a deposit equal to three (3) months estimated costs and may voluntarily withdraw from the Cost Sharing Agreement upon not less than 90 days' written notice. In 2025, the Company paid $649,000 in fees under the Cost Sharing Agreement. On August 29, 2025, the Company provided notice of termination of the Cost Sharing Agreement, effective October 31, 2025. As of October 31, 2025, the Company had an outstanding deposit balance of $422,000, which will be offset against the Company's portion of the closing costs of GMM. Any refund is expected to be paid by June 30, 2026.

#### TRANSACTION WITH I-PULSE
Mr. Friedland, our Executive Chairman, is the founder, chairman and Chief Executive Officer of I-Pulse as well as the Executive Chairman of Ivanhoe Electric. I-Pulse was formerly one of our 5% owners.

On April 30, 2021, HPX, GEO27 S.a.r.l. ("GEO"), HPX TechCo Inc. ("HPX TechCo"), the Company and I-Pulse entered into an assignment and novation agreement. Pursuant to the agreement, each of HPX, GEO and HPX TechCo assigned to the Company all of their respective rights, duties and obligations under their respective license agreement with I-Pulse with respect to certain patent rights and intellectual property rights.

On March 30, 2022, I-Pulse issued to Mr. Friedland a promissory note evidencing I-Pulse's obligation to repay a principal amount of $10 million with interest at a rate equal to 2% per annum, maturing on December 31, 2023. Under this promissory note, Mr. Friedland has the right to elect to receive, as payment in kind for the principal and interest then outstanding under such note, shares of common stock of the Company currently owned by I-Pulse at a price per share equal to $10.575. On May 30, 2025, the promissory note was converted to other debt as part of the debt restructuring and rights offering for I-Pulse which eliminated any right for repayment in shares of the common stock of the company.

On October 24, 2022, we 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 12.6 million Euros ($13.1M USD, using the closing rate of 1 US dollar= 0.9626 Euros at December 31, 2024). The agreement also includes annual maintenance costs of 1.7 million Euros per year ($1.8M USD, using the closing rate of 1 US dollar= 0.9626 Euros at December 31, 2024). In October 2022, the Company made deposit payments totaling 7.1 million Euros ($9.7 million USD, using the closing rate of 1 US dollar= 0.7320 Euros at October 25, 2022), of which 1.8M Euros ($2.1M USD, using the closing rate of 1 US dollar= 0.8517 Euros at December 31, 2025) remains as at December 31, 2025. For 2025, there were no annual maintenance costs paid. In April 2025, the Company paid 841,000 Euros ($958,405 USD, using the closing rate of 1 US dollar= 0.8775 Euros at April 17, 2025) for one transmitter delivered in April 2025. The remaining payments will be made as each Typhoon™ transmitter system is delivered.

#### AVIATION SERVICES
On September 1, 2021, the Company entered into a Memorandum of Understanding (the "MOU") with Ivanhoe Capital Aviation Ltd. ("ICA"), an entity beneficially owned by Mr. Friedland, pursuant to which ICA agreed to provide certain aviation services to the Company. Effective October 1, 2025, the MOU was amended to replace ICA with High Water Holding Company Inc., an entity beneficially owned by Mr. Friedland (as applicable, the "Aviation Counterparty"). Pursuant to the terms of this agreement, the Company agreed to pay the Aviation Counterparty $1.0 million per year (billed in equal monthly installments) for the use of an aircraft. In 2025, the Company paid monthly payments of $83,333. Either party may terminate the MOU for any reason at any time. Upon termination, the Company will remain obligated to pay all amounts payable for the calendar year in which the termination occurs.

46<br>

------

#### **TABLE OF CONTENTS**

#### EXPLORATION JOINT VENTURE WITH MAADEN
On May 15, 2023, the Company signed a Common Stock Subscription Agreement (the "Subscription Agreement") with Maaden pursuant to the Heads of Terms entered on January 11, 2023. The Subscription Agreement provided for Maaden's purchase of approximately 9.9% of the total outstanding number of shares of common stock of the Company in exchange for $126.5 million as well as the Company's contribution of $66 million of the proceeds to fund a 50/50 exploration joint venture in Saudi Arabia (the "Joint Venture") and the entry into certain other related agreements. The Company and Maaden agreed to indemnify each other against certain losses resulting from breaches of their respective representations, warranties and covenants, subject to certain survival periods set forth in the Subscription Agreement.

On July 6, 2023, the Company completed the closing of the Subscription Agreement where Maaden purchased approximately $127.1 million in the Company's common stock and entered into an Investor Rights Agreement, Shareholders' Agreement, Typhoon<sup>TM</sup> Equipment Purchase and Technical Support Agreement, Data Services Agreement, Technology License Agreement and Director Indemnification Agreement.

The Investor Rights Agreement ("IRA"), under which the Company agreed to appoint a nominee selected by Maaden to the Ivanhoe Electric Board of Directors and provide Maaden with the continuing right to nominate one director to the Company's Board of Directors for so long as Maaden owns at least 8% of the outstanding shares of common stock, subject to certain exceptions. Maaden agreed to vote its shares in favor of certain matters for so long as it continues to have a right to nominate a director, including the election of all of the Company's director nominees, the appointment of any independent auditor selected by the Board of Director, any proposal to amend the Company's certificate of incorporation or bylaws that is approved by a majority of the Board of Director's independent directors, subject to certain exceptions, and for as long as the standstill described below remains in effect, all matters on which the Company's stockholders are entitled to vote that have been approved by a majority of the independent directors of the Company's Board of Directors.

The Company granted Maaden a right to purchase additional shares of common stock to maintain its stock ownership position in the event of any issuances of common stock by the Company in the future, including stock issued as a result of (i) issuances to employees pursuant to any existing or future equity incentive plan, agreement or arrangement approved by the Board of Directors; (ii) the exercise or vesting of incentive securities; or (iii) shares issued as acquisition consideration. Subject to certain exceptions, Maaden may exercise this right (the "top-up right") upon the first occurrence after such dilution event in which the Company issues shares (or securities convertible into shares) for cash as part of an equity financing transaction. In the event that Maaden does not exercise its top-up right, the ownership threshold for purposes of the top-up right will be reduced to its ownership level after giving effect to the dilutive issuance. The top-up right will expire five years from the date of completion of Maaden's investment in the Company. In addition, Maaden has a right to participate in offerings of Company preferred equity securities, if any, subject to certain exceptions.

Maaden agreed to a five-year standstill preventing it from increasing its beneficial ownership of shares of common stock above 19.9% or take certain other actions, including participation in a takeover proposal, without the written consent of the Company. The standstill will automatically be released in order for Maaden and its affiliates to make a competing offer if the Board of Directors approves the Company entering into any agreement with a third party providing for a transaction that would result in a third party or group beneficially owning more than 50% of the Company's assets or more than 50% of the Company's or any resulting corporation's outstanding common stock.

Maaden agreed that, without Board of Directors approval, for five years it will not dispose of any of the shares it acquires pursuant to the Subscription Agreement or top-up right (except in open market, non-pre-arranged stock exchange transactions), if, as a result of such disposition, the purchaser of such shares would become the beneficial owner of greater than 9.9% of the Company's common stock and is either a mining company or state-owned enterprise, other than the Public Investment Fund of the Kingdom of Saudi Arabia.

The Company also granted Maaden certain post-closing registration rights for the shares acquired by Maaden pursuant to the Subscription Agreement and top-up right.

The Shareholders' Agreement among Maaden, Ivanhoe Electric Mena Holdings Ltd. ("IE Mena"), the Company and the Joint Venture entity, a newly established limited liability company under Saudi law named Ma'aden Ivanhoe Electric Exploration and Development Limited Company ("Saudi JVCo"), sets out the terms governing the relationship of the parties with respect to the Joint Venture. The Shareholders' Agreement provides for the Company (through IE Mena, a newly established subsidiary), and Maaden to establish the 50/50 Joint Venture which will have an initial exploration phase of five years, which may be extended up to an additional five years upon mutual agreement of the parties. The Joint Venture will be conducted through Saudi JVCo. Maaden has made available approximately 48,500 km2 of land under an exploration license (or license application) within Saudi Arabia for exploration by the Joint Venture. The Company contributed $66 million to fund Saudi JVCo and the Joint Venture, and provided Saudi JVCo with a royalty-free license to use Typhoon™, within the Kingdom of Saudi Arabia for the purpose of mineral exploration. The license will remain exclusive to the Joint Venture in Saudi Arabia and effective during the term of the Joint Venture. Saudi JVCo agreed to purchase three new generation Typhoon™ units from the Company's former parent, I-Pulse Inc., for an aggregate contract price of approximately $12 million. Prior to the delivery of new Typhoon™ units, the Company will make available an existing Typhoon™ unit to commence surveying in Saudi Arabia. In certain circumstances, the Company may also be required to make available a second existing Typhoon™ unit if there is a delay in delivery of the first new generation Typhoon™ unit. Saudi JVCo also entered into a data services agreement with the Company's subsidiary Computational Geosciences Inc. ("CGI"), pursuant to which CGI will be responsible for the supply of the data inversion services for the three-dimensional analysis of data and processing of geophysical datasets produced by the Typhoon™ systems.

The Joint Venture is governed by a board of directors and a technical committee composed of an equal number of representatives from each company. The Technical Committee supervises the exploration activities of the Joint Venture including an initial "land identification stage" where the land Maaden is making available will be reviewed and reduced to the most prospective areas for Typhoon deployment. This will be followed by generative exploration and drilling stages aimed at identifying mineral resources of an economically viable scale.

The Saudi JVCo Board of Directors consists of six nominees – three from each of Maaden and the Company. The Chairperson will be chosen from among the Maaden nominees. Decisions of the Saudi JVCo Board of Directors are taken by simple majority vote, except for certain reserved matters that will require the approval of directors representing a shareholder or shareholders holding at least seventy-five

47<br>

------

#### **TABLE OF CONTENTS**
percent (75%) of the aggregate equity interest in Saudi JVCo. These matters include among others, the approval of budgets, the approval of additional funding, approval of material contracts valued at $2 million or more (including offtake agreements), approval of the acquisition of additional land, approval of any changes to exploration programs, and the initiation and/or settlement of certain disputes on behalf of Saudi JVCo.

The Company will be the operator during the exploration phase. Maaden will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development (a "Designated Project"). However, the Shareholders' Agreement also provides that no shareholder is obligated to pursue a Designated Project and may inform the other shareholder that it does not wish to further participate in a Designated Project, in which case the other shareholder may pursue the Designated Project on a sole risk basis. If the Company is the non-participating shareholder for a Designated Project, it will have the right to engage Maaden in good faith discussions regarding the transfer or exchange of Ivanhoe Electric's interest in a Designated Project for fair market value and the terms of such transfer or exchange including the possible terms of a royalty in lieu of a transfer or exchange for cash or securities.

The Company also provides training and development to employees of the Joint Venture, on mineral exploration, geology, and the operation of the Typhoon™ units.

The Shareholders' Agreement also provides that for so long as Ivanhoe Electric or IE Mena remains a shareholder of Saudi JVCo, Ivanhoe Electric shall not enter into any other business or business partnership involving mining activities or mineral exploration in Saudi Arabia without Maaden's prior written consent.

The Joint Venture will not be terminable, other than upon the occurrence of an event of default, by either party until the end of the exploration phase. On termination, the Typhoon™ units will be returned by Saudi JVCo to Ivanhoe Electric but provided that Maaden shall have the right to engage Ivanhoe Electric in good faith discussions regarding the potential terms and conditions for the continued provision by Ivanhoe Electric to Maaden of the Typhoon™ units under a services arrangement for the purpose of exploring other Maaden land within Saudi Arabia.

On October 23, 2023, we entered into a subscription agreement with Maaden whereby Maaden agreed to purchase 1,513,650 shares of our common stock at a purchase price of $13.50 per share in a private placement, for aggregate gross proceeds of approximately $20.4 million. The subscription agreement is as a result of the "top-up right" granted to Maaden under the July 6, 2023 Investor Rights Agreement which enables Maaden to purchase additional shares of our common stock to maintain its 9.9% stock ownership position in the event of certain issuances by the Company. The sale of the shares closed on October 31, 2023.

On November 1, 2023, the Company and Maaden entered into an amendment to the Shareholders' Agreement to provide for certain updated terms regarding exploration matters and the purchase of Typhoon™ equipment.

At December 31, 2025 the Joint Venture owed and paid the Company $141,000 for costs that the Company incurred on behalf of the Joint Venture.

On June 25, 2025, the Company and Maaden entered into a second amendment to the Shareholders' Agreement to reflect the conversion of certain exploration license applications to exploration licenses.

On December 1, 2025, pursuant to the Shareholders Agreement, the Joint Venture Board made a share offer to the shareholders to subscribe for their respective 50% equity interests in the first cash contribution to support the 2026 budget. Under this offer, IE MENA agreed to contribute $6,250,000 in exchange for 234,375 shares, with a total share value of $23,437,500. IE Mena accepted the offer.

On February 26, 2026, the Company served Maaden with a Notice of Additional Extension of Term pursuant to the Shareholders Agreement, notifying Maaden of its intention to extend the initial Exploration Phase by an additional five years. The extension was agreed by Maaden on February 26, 2026.

#### 2025 FEBRUARY PUBLIC OFFERING
In February 2025, the Company completed an underwritten public offering (the "February 2025 Offering") of 11,794,872 units (the "Units"), with each Unit consisting of one share of the Company's common stock, par value $0.0001 per share ("Common Stock"), and one warrant to purchase one share of Common Stock (the "Warrants"), at a public offering price of $5.85 per Unit pursuant to an Underwriting Agreement dated February 12, 2025 entered into by and between the Company and BMO Capital Markets Corp., as sole underwriter (the "Underwriter"). The net proceeds of the February 2025 Offering were approximately $66 million, which included the proceeds from the Underwriter's exercise in full of its option to purchase additional Units. Each Warrant is exercisable to purchase one share of Common Stock until February 17, 2026 at an exercise price of $7.00 per share. In the February 2025 Offering, the following related parties purchased Units from the Underwriter: (i) our Executive Chairman Robert Friedland purchased through Ivanhoe Capital Holdings PTE Ltd., a private company wholly-owned by Mr. Friedland, 816,667 Units; and (ii) entities that the Company believes are affiliated with FMR LLC, a greater than 5% shareholder of our Company, purchased an aggregate of 5,128,205 Units.

All of the Warrants issued in the February 2025 Offering were subsequently exercised by the holders thereof.

#### 2025 OCTOBER PUBLIC OFFERING
In October 2025, the Company completed an underwritten public offering (the "October 2025 Offering") of 11,500,000 shares of Common Stock, at a public offering price of $15.00 per share pursuant to an Underwriting Agreement with BMO Capital Markets Corp., as representative of the several underwriters listed on Schedule I thereto (the "Underwriters"). The net proceeds of the October 2025 Offering were approximately $165 million, which included the proceeds from the Underwriters' exercise in full of their option to purchase additional shares of Common Stock. In the October 2025 Offering, the persons who were or may then have been greater than 5% shareholders of our Company purchased shares of Common Stock from the Underwriters: (i) entities that the Company believes are affiliated with FMR LLC purchased approximately 3,345,514 shares of Common Stock; (ii) T. Rowe Price Associates, Inc. purchased approximately 1,950,000 shares of Common Stock; and (iii) an affiliate of Blackrock, Inc. purchased approximately 25,000 shares of Common Stock.

48<br>

------

#### **TABLE OF CONTENTS**

#### PRE-IPO STOCKHOLDERS' AGREEMENTS
We are a party to the following agreements which were entered into prior to our initial public offering in June 2022 and provide ongoing registration rights to certain Ivanhoe stockholders including certain of our directors, executive officers, 5% shareholders and companies in which they have an interest.

&nbsp;&nbsp;&nbsp;&nbsp;• Stockholders' agreement dated as of April 30, 2021 (as amended by the first amendment thereto dated as of June 28, 2021), among us, I-Pulse, Ivanhoe Industries LLC, Point Piper, LLC, Century Vision Holdings Limited and Iridium Opportunity Fund A LP.

&nbsp;&nbsp;&nbsp;&nbsp;• Second Amended and Restated Stockholders' Agreement dated as of April 5, 2022, among us, I-Pulse, Castelnau LLC (formerly known as Ivanhoe Industries, LLC), Robert Friedland, and each of the investors party thereto, including certain stockholders related to FMR LLC, one of our 5% stockholders, which further amended and restated the Stockholders' Agreement that we entered into in connection with the spin-off and previously amended and restated as of August 3, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;• Registration rights agreement dated as of August 3, 2021 entered into with the offering of the Series 1 Convertible Notes, which was amended and restated on April 5, 2022 in connection with the issuance of the Series 2 Convertible Notes with the purchasers of the convertible notes including related parties such as Robert Friedland, Hirofumi Katase and Quentin Markin.

### OWNERSHIP OF THE COMPANY

#### SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of March 19, 2026, information regarding beneficial ownership of our capital stock by:

&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to be the beneficial owner of more than five percent of our then-outstanding common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• each director, director nominee and named executive officer; and

&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

The number of shares of common stock beneficially owned by each person is determined under the rules of the SEC. Under these rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares that the individual has the right to acquire by May 19, 2026 (60 days after March 19, 2026) through the exercise or conversion of a security or other right. Unless otherwise indicated, each person has sole investment and voting power with respect to the shares set forth in the following table. The inclusion in this table of any shares deemed beneficially owned does not constitute an admission of beneficial ownership of those shares for any other purpose.

The percentage of beneficial ownership in the table below is based on 157,991,593 shares of common stock outstanding as of March 19, 2026.

Unless otherwise indicated below, the address for each beneficial owner is c/o Ivanhoe Electric Inc., 450 E. Rio Salado Parkway, Suite 130, Tempe, AZ 85281.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Shares of Common Stock** <br>**Beneficially Owned** | **Percentage of Class**<br>(Common)  |
| **Named Executive Officers and Directors**<br>|  |  |
| Robert Friedland<sup>(1)</sup> | 13411270 | 8.49%  |
| Taylor Melvin<sup>(2)</sup> | 1273293 | \*  |
| Jordan Neeser<sup>(3)</sup> | 665707  | \*  |
| Quentin Markin<sup>(4)</sup> | 767007 | \*  |
| Cassandra Joseph<sup>(5)</sup> | 507092 | \*  |
| Russell Ball<sup>(6)</sup> | 49487 | \*  |
| Sofia Bianchi<sup>(7)</sup> | 47926 | \*  |
| Victoire de Margerie<sup>(8)</sup> | 49487 | \*  |
| Hirofumi Katase<sup>(9)</sup> | 93542 | \*  |
| Patrick Loftus-Hills<sup>(10)</sup> | 43826 | \*  |
| Priya Patil<sup>(11)</sup> | 51459 | \*  |
| Ronald Vance<sup>(12)</sup> | 42411 | \*  |
| **All Executive officers and directors as a group (15 people)<sup>(13)</sup>** | **17852456** | **11.30%**  |
| FMR LLC<sup>(14)</sup> | 16468097 | 10.42%  |
| T. Rowe Price Associates, Inc.<sup>(15)</sup> | 14671551 | 9.29%  |
| Saudi Arabian Mining Company (Maaden)<sup>(16)</sup> | 11783254 | 7.46%  |
| Century Vision Holdings Ltd.<sup>(17)</sup> | 10254883 | 6.49%  |
| Blackrock, Inc.<sup>(18)</sup> | 8222002 | 5.20% |

---

\* Represents beneficial ownership of less than 1% of our outstanding common stock. 

&nbsp;&nbsp;&nbsp;&nbsp;(1) Consists of (i) direct ownership of 9,381,520 shares of our common stock; (ii) 2,252,970 shares of common stock owned by Ivanhoe Capital PTE Ltd., a private company wholly owned by Mr. Friedland; and (iii) 1,776,780 shares of common stock issuable upon exercise of options vested within 60 days after March 19, 2026. Based on the Schedule 13G filed by Mr. Friedland on January 28, 2026.

49<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists of (i) direct ownership of 580,448 shares of our common stock; and (ii) 692,845 shares of common stock of the Issuer issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of (i) direct ownership of 50,000 shares of our common stock; and (ii) 615,707 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists of (i) direct ownership of 542,781 shares of our common stock; (ii) 69,950 shares of our common stock held indirectly through Robert Hoddle Investment Holdings Ltd; and (iii) 154,276 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of (i) direct ownership of 12,459 shares of our common stock; (ii) indirect ownership of 2,000 shares of our common stock is held by Cassandra Joseph Family Trust; and (ii) 492,633 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of (i) direct ownership of 4,383 shares of common stock; ii) 25,820 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (ii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of (i) direct ownership of 28,642 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (ii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of (i) direct ownership of 4,383 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (ii) 9,642 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Consists of (i) direct ownership of 48,438 shares of our common stock; (ii) 25,820 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (iii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Consists of (i) direct ownership of 24,542 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (ii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Consists of (i) direct ownership of 6,355 shares of our common stock; (ii) 25,820 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (iii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Consists of (i) 23,127 shares of our common stock issuable pursuant to deferred share units vested within 60 days after March 19, 2026; and (ii) 19,284 shares of our common stock issuable upon exercise of options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Consists of the shares listed in the above footnotes, plus (i) 163,826 shares of our common stock held directly or indirectly by our other executive officers; and (ii) 686,123 shares of our common stock issuable to our other executive officers pursuant to options vested within 60 days after March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(14) Based on the Schedule 13G/A filed by FMR, LLC ("FMR") and Abigail P. Johnson on November 5, 2025. The reporting persons' address is 245 Summer Street, Boston, Massachusetts 02210. The reporting persons each report beneficial ownership of all of the shares, and that Fidelity Management & Research Company LLC beneficially owns 5% or greater of our shares of common stock being reported therein. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR, representing 49% of the voting power of FMR. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR.

&nbsp;&nbsp;&nbsp;&nbsp;(15) Based on the Schedule 13G/A filed by T. Rowe Price Associates, Inc. on January 8, 2026. The reporting person's address is 1307 Point Street, Baltimore, MD 21231. The reporting person reports sole voting power over 14,399,895 shares of our common stock and sole dispositive power over 14,662,549 shares of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;(16) Based on the Schedule 13D/A filed by Saudi Arabian Mining Company (Maaden) on October 31, 2023. The reporting person's address is P.O. Box 68861, Riyadh 11537, Kingdom of Saudi Arabia.

&nbsp;&nbsp;&nbsp;&nbsp;(17) Based on the Schedule 13G/A filed by Century Vision Holdings Ltd., Chow Tai Fook Capital Ltd., Chow Tai Fook (Holding) Ltd., Chow Tai Fook Enterprises Ltd., and Prestige Century Investments Ltd. on September 29, 2025. The reporting persons' address is 38/F, New World Tower, 18 Queen's Road Central, Hong Kong. The reporting persons each report beneficial ownership of all of the shares, which are held by Century Vision Holdings Ltd. as to 9,665,673 shares and Prestige Century Investments Ltd. as to 589,210 shares of our common stock. Chow Tai Fook Capital Ltd. owns 81.03% of Chow Tai Fook (Holding) Ltd., which owns 100% of Chow Tai Fook Enterprises Ltd., which owns 100% of each of Century Vision Holdings Ltd. and Prestige Century Investments Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;(18) Based on Schedule 13G filed by BlackRock, Inc. on January 21, 2026. The reporting person's address is 50 Hudson Yards New York, NY 10001. The reporting person reports sole voting power over 8,030,682 of our common stock and sole dispositive power over 8,222,002 shares of our common stock.

### DELINQUENT SECTION 16(a) REPORTS
Section 16(a) of the Securities Exchange Act of 1934 (the "Exchange Act") requires our directors and executive officers, as well as beneficial owners of more than 10% of our common stock, to file initial reports of ownership and reports of changes in ownership of Company securities with the Securities and Exchange Commission. Based solely on a review of these reports, written representations from our directors and executive officers, and applicable regulations, we believe that we complied with all required reports for the fiscal year ending December 31, 2025.

### OTHER MATTERS
The Board of Directors knows of no other matters other than those stated in this proxy statement that are to be presented for action at the Annual Meeting. If any other matters should properly come before the Annual Meeting, it is intended that proxies will be voted on any such matter in accordance with the judgment of the persons voting such proxies. Discretionary authority to vote on such matters is conferred by such proxies upon the persons voting them.

50<br>

------

#### **TABLE OF CONTENTS**
![](ny20062456x1_pc01.jpg)

------

![](ny20062456x1_pc02.jpg)