Ivanhoe Electric (IE) Q1 2024 earnings summary

Executive summary

• Focused on mineral exploration and technology, with key projects in the US and joint ventures abroad.

• Santa Cruz Project in Arizona is advancing toward prefeasibility, with significant drilling and technical studies.

• Acquired full ownership of Kaizen Discovery and a controlling interest in Sama Nickel Corporation during the quarter.

Financial highlights

• Net loss attributable to common stockholders was $55.5 million ($0.46/share) for Q1 2024, up from $36.1 million ($0.39/share) in Q1 2023.

• Revenue was $0.4 million, down 47% year-over-year, all from data processing services.

• Exploration expenses rose to $43.6 million, up $17.1 million year-over-year, mainly at Santa Cruz.

• Cash and cash equivalents were $179.4 million as of March 31, 2024.

Outlook and guidance

• Sufficient cash resources to fund operations for at least the next 12 months; additional financing likely needed thereafter.

• No revenue expected from mining projects in the foreseeable future as they remain in exploration stage.