Ivanhoe Electric (IE) Q4 2025 earnings summary

Executive summary

• Completed a transformative year with the Santa Cruz Copper Project advancing to a positive Preliminary Feasibility Study (PFS), confirming economic viability and a 23-year mine life with projected copper cathode production of 1.4 million tonnes and an after-tax NPV of $1.4 billion at an 8% discount rate and 20% IRR.

• Raised $231.1 million in two public offerings and secured a $200 million undrawn bridge facility to support project development.

• Entered into a major exploration collaboration with SQM in Chile and advanced joint ventures in Saudi Arabia and the U.S. with BHP.

Financial highlights

• Net loss attributable to common stockholders was $105.9 million for 2025, down from $128.6 million in 2024, primarily due to lower exploration and administrative expenses.

• Revenue was $3.2 million, up from $2.9 million, driven by increased data processing services; no revenue from mining operations as all projects remain in exploration or development.

• Cash and cash equivalents at year-end were $173.3 million, with working capital of $126.3 million.

• Total assets increased to $483.3 million from $374.9 million year-over-year.

Outlook and guidance

• Focused on advancing detailed engineering, permitting, and early construction for Santa Cruz, with initial construction targeted for Q1 2026.

• Ongoing optimization studies and exploration activities at U.S. and international projects, with continued pursuit of additional financing for full project build-out.