Ivanhoe Electric (IE) Q4 2024 earnings summary

Executive summary

• Focused on U.S.-based mineral exploration, especially copper, to support electrification and supply chain independence.

• Santa Cruz Project in Arizona is the flagship, with ongoing studies for a high-grade underground copper mine.

• Additional projects include Tintic (Utah), Hog Heaven (Montana), and international interests in Colombia, Ivory Coast, Peru, and Saudi Arabia.

• Technology businesses include Typhoon™ geophysical surveying and VRB Energy's vanadium redox flow batteries.

Financial highlights

• Net loss attributable to common stockholders for 2024 was $128.6 million ($1.07/share), down from $199.4 million in 2023.

• Revenue for 2024 was $2.9 million, primarily from data processing services; no mining revenue as all projects are in exploration.

• Exploration expenses increased to $130.9 million in 2024, with $72.4 million spent on Santa Cruz.

• Cash and cash equivalents at year-end 2024 were $41.0 million; working capital was $35.9 million.

• Completed a $66 million public offering in February 2025 to fund ongoing activities.

Outlook and guidance

• Sufficient cash resources to fund business plans for at least the next 12 months; additional financing will be needed for further project advancement.

• Santa Cruz Project advancing toward a Preliminary Feasibility Study by mid-2025.

• Continued exploration and drilling at Tintic and Hog Heaven; ongoing international project development.