RE:I-PULSEOn June 30, 2023, the company entered into an exchange agreement with I-Pulse Inc. (I-Pulse), under which the company replaced the outstanding convertible loan balance owed to it by HPX Inc. (HPX) with an equity investment in I-Pulse. The company extended a $50 million convertible loan to HPX on April 25, 2019. As at June 30, 2023, the loan balance was $77 million, comprising a principal amount of $50 million and accrued interest of $27 million. Under the exchange agreement, the company transferred all convertible loan obligations from HPX to I-Pulse, in exchange for the issuance of common shares in I-Pulse to Ivanhoe. HPX is a subsidiary of I-Pulse. The equity investment in I-Pulse represents approximately 5% of the issued and outstanding common stock of I-Pulse.