Here are 1-3 brief analogies for Ivanhoe Electric (IE):

• The Tesla of mineral exploration, focused on discovering the raw materials for electrification.

• Aspiring to be the next Albemarle (ALB) for critical EV metals like copper and nickel.

• Like a tech-driven EOG Resources (EOG) but focused on pioneering new discoveries of critical metals for the clean energy transition.

• Critical Electric Metals (e.g., Copper, Nickel): The discovery, development, and future production of vital metals for electrification and renewable energy.
• Typhoon™ Geophysical Surveying Technology: A proprietary, deep-penetrating electrical survey system used for efficient and precise identification of buried mineral deposits.

Ivanhoe Electric (Symbol: IE) - Major Customers

Ivanhoe Electric (IE) is an exploration and development company focused on critical electric metals and advanced battery technology. According to its latest public filings, including the Form 10-K for the fiscal year ended December 31, 2023, the company currently has no revenue-producing operations. As such, Ivanhoe Electric does not yet have any "major customers" in the traditional sense, as it is not currently selling significant volumes of minerals or battery technology products.

While Ivanhoe Electric does not currently have major customers, once its projects advance to commercial production and its technology becomes available, its customer base would primarily consist of other companies. These potential future customer categories include:

• Smelters and Refiners: Companies that purchase mineral concentrates (e.g., copper, gold, silver) for processing into refined metals.
• Commodity Traders: Firms involved in the global buying and selling of raw materials, including metals.
• Automotive Manufacturers and Energy Storage Companies: If Ivanhoe Electric's proprietary Typhoon™ battery technology is successfully commercialized, these companies would be primary purchasers of its battery products or licensees of its technology.

Taylor Melvin, President, Chief Executive Officer and Director

Mr. Melvin has served as President, Chief Executive Officer, and a member of the Board of Directors since November 2022. He brings 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 was President and Chief Executive Officer of privately held Battery Metals Streaming Corp. from March 2022 to August 2022. He also served as Vice President, Corporate Development for Freeport-McMoRan Inc. from June 2018 to March 2022, and as the company's Director – Finance & Business Development since 2008. Before joining Freeport-McMoRan, Mr. Melvin was an Executive Director in J.P. Morgan's Natural Resources investment banking group in New York.

Jordan Neeser, Chief Financial Officer

Mr. Neeser has served as Chief Financial Officer since November 21, 2022. He is a finance executive with over twenty years of experience in financial reporting, corporate development, and corporate finance, primarily in the mining sector. Most recently, Mr. Neeser was Chief Financial Officer and Corporate Secretary at TSX-listed Gold Standard Ventures from March 2021 to August 2022, when it was acquired by Orla Mining in August 2022. He was previously Chief Financial Officer of Conifex Timber Inc. Since June 2024, he has also served as a Director of Cordoba Minerals Corp.

Robert M. Friedland, Executive Chairman of the Board

Mr. Friedland has served as Executive Chairman of the Board of Directors since November 21, 2022. He was previously Chief Executive Officer from July 2020 to November 2022, and Chairman of the Board from June 2021 to November 2022. Mr. Friedland is recognized as an entrepreneurial explorer, technology innovator, and company builder with over thirty years of experience in the mineral resource industries. Since July 1988, he has been the Director, President, and Chief Executive Officer of Ivanhoe Capital Corporation, a family office and investment company that has specialized in venture capital, project financing, and financial services for international business enterprises since 1987. He is the founder and Executive Co-Chairman of Ivanhoe Mines Ltd. and founded Turquoise Hill Resources (formerly Ivanhoe Mines), which was acquired by Rio Tinto in 2022. Mr. Friedland was also the Chief Executive Officer and Chairman of the Board of Ivanhoe Capital Acquisition Corp., a NYSE-listed special purpose acquisition corporation that completed its merger with SES AI Corporation in February 2022.

Glen Kuntz, Senior Vice President, Mine Development and Principal Operating Officer

Mr. Kuntz has served as Senior Vice President, Mine Development since November 21, 2022, and was appointed Principal Operating Officer effective May 9, 2025. Prior to this, he was the Chief Technical and Innovation Officer since January 2022. Mr. Kuntz is a Qualified Person, Professional Geologist, and mining executive with over thirty years of experience in exploration, development, and operations across various commodities and regions, including the Americas, Africa, and Australia. He also serves as Vice President of Mesa Cobre Corporation, an Ivanhoe Electric subsidiary, since April 2022.

Quentin Markin, Executive Vice President, Business Development and Strategy Execution

Mr. Markin has served as Executive Vice President, Business Development and Strategy Execution since January 1, 2023. He is a seasoned mining lawyer with over twenty-four years of experience, all with the Canadian firm Stikeman Elliott LLP, where he had been a partner since 2008. His practice focused on mergers and acquisitions, project development, and financing matters for mining companies globally. Mr. Markin has acted for Ivanhoe Electric since its inception, as well as other Ivanhoe group companies. Since September 2023, he has also served as a Director of Cordoba Minerals Corp.

The key risks to Ivanhoe Electric's business include:

1. Project Execution, Permitting, and Development Risks: Ivanhoe Electric's success is heavily dependent on the successful execution and development of its mineral projects, particularly the Santa Cruz Copper Project. This includes obtaining all necessary environmental and operational permits, adhering to project timelines, and managing construction and operational challenges. Any delays, unforeseen technical difficulties, or failure to secure permits could significantly impact the project's viability and the company's financial performance.
2. Commodity Price Volatility: As a company focused on copper and other critical metals, Ivanhoe Electric's future revenue and profitability are highly sensitive to fluctuations in global commodity prices. A sustained decrease in copper prices, or the prices of other metals it explores for, could adversely affect the economic viability of its projects, even if successfully developed.
3. Funding and Financing Risks: Ivanhoe Electric is an exploration and development company that currently generates no meaningful revenue and has experienced widening losses. Its ability to advance its capital-intensive projects, such as the Santa Cruz Copper Project, relies significantly on securing substantial external project financing. While a recent bridge facility provides near-term liquidity, the company still needs to finalize broader project financing, and any difficulty or delay in securing this funding could hinder development and impact operations.

The rapid scaling and cost reduction of dry-film battery manufacturing technologies by larger, more established players (e.g., Tesla, CATL, Panasonic) could render Pulsar Energy Solutions' (Ivanhoe Electric's battery subsidiary) intended products uncompetitive. Pulsar is developing its own dry-film process for cathode manufacturing, aiming for advantages in cost, speed, and environmental impact. However, if competitors with greater resources can achieve mass production and cost efficiencies with their own dry-film or other advanced battery manufacturing processes significantly faster or more effectively, it could severely limit Pulsar's market entry and long-term viability. This presents a clear emerging threat where a similar disruptive manufacturing innovation, pursued by multiple players, could be dominated by those with existing scale and resources, akin to how new content distribution models were eventually dominated by large players.

Ivanhoe Electric (symbol: IE) operates primarily in the exploration and development of "electric metals," predominantly copper and battery metals, and also provides advanced mineral exploration technology. The addressable markets for their main products and services are as follows:

Copper Market

• The global copper market size was estimated at USD 333.15 billion in 2024 and is expected to reach approximately USD 548.20 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 5.11% from 2025 to 2034.
• The copper market in North America generated a revenue of USD 19,820.1 million in 2024 and is expected to reach a projected revenue of USD 27,226.6 million by 2030, with a CAGR of 6.1% from 2025 to 2030.

Battery Metals Market

• The global battery metals market size was estimated at USD 11.65 billion in 2024 and is predicted to increase to approximately USD 25.72 billion by 2034, expanding at a CAGR of 8.24% from 2025 to 2034.
• The battery metals market in North America is anticipated to register a CAGR of 6.9% over the forecast period. The U.S. held a share of over 7.0% of the global battery metals market in 2023.

Typhoon™ Geophysical Surveying System and Advanced Data Analytics

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Ivanhoe Electric (IE) is poised for future revenue growth over the next 2-3 years, driven primarily by the advancement of its key projects, the application of its proprietary exploration technologies, and strategic partnerships.

1. Commencement of Production at the Santa Cruz Copper Project: A significant driver of future revenue for Ivanhoe Electric is the planned development and eventual production at its Santa Cruz Copper Project in Arizona. Following the completion of the Preliminary Feasibility Study, construction is slated to commence in the first half of 2026, with the ambitious goal of achieving the first copper cathode production by 2028. This project represents a direct path to substantial copper sales revenue.

2. Successful Identification and Development of New Critical Mineral Deposits through Advanced Exploration Technologies: Ivanhoe Electric differentiates itself through its proprietary Typhoon™ induced polarization and electromagnetic surveying technology and its Computational Geosciences Inc. (CGI) data processing capabilities. These advanced technologies are crucial for discovering new, high-quality deposits of critical metals, which is the core business for an exploration company. The success of these technologies in identifying economically viable mineral resources across its portfolio, including projects like Tintic and Hog Heaven, will directly lead to future revenue through mining operations or potential monetization of these assets.

3. Strategic Partnerships and Joint Ventures: Ivanhoe Electric has established strategic alliances that are expected to contribute to its growth. Notably, the company has a 50/50 exploration alliance with BHP in the Southwest U.S., utilizing its Typhoon™ technology to search for new copper deposits. Additionally, a joint venture with the Saudi Arabian Mining Company (Ma'aden) involves funding exploration efforts to locate new sources of copper, gold, silver, and other critical metals. These partnerships provide capital, share exploration risks, and, upon successful discovery, could lead to shared production and revenue streams.

4. Expansion and Diversification in Electric Metals: The company's overarching focus on "electric metals" and "critical minerals" positions it to capitalize on the growing demand for these materials essential for global electrification. While copper is a primary focus with the Santa Cruz project, Ivanhoe Electric's broader portfolio and exploration efforts for other critical minerals provide potential avenues for revenue diversification beyond a single commodity, contributing to long-term growth.

Share Repurchases

No significant share repurchases have been reported for Ivanhoe Electric over the last 3-5 years, with the 10-Year Share Buyback Ratio being 0.00%.

Share Issuance

• Ivanhoe Electric completed an Initial Public Offering (IPO) in June 2022, issuing 14,388,000 shares at $11.75 per share, which generated approximately $169.1 million in gross proceeds.
• In October 2025, the company announced a public offering of $125 million in common stock, with underwriters exercising an option for an additional $18.75 million, bringing total gross proceeds to $172.5 million.
• Shareholders experienced dilution in the past year, with total shares outstanding increasing by 20.2%.

Inbound Investments

• In 2024, Ivanhoe Electric formed a 50/50 Exploration Alliance with BHP, securing a $15 million capital commitment from BHP to fund initial exploration activities in the Southwest United States.
• Saudi Arabian Mining Company (Ma'aden) holds a top-up right to maintain approximately 8.9% ownership in Ivanhoe Electric after the closing of the October 2025 public offering.

Outbound Investments

• In 2023, Ivanhoe Electric established a 50/50 exploration joint venture with Saudi Arabian Mining Company (Ma'aden) to explore approximately 48,500 square kilometers of land in the Arabian Shield.
• The company holds a controlling interest in VRB Energy, a developer and manufacturer of advanced grid-scale vanadium redox battery storage systems.

Capital Expenditures

• Capital expenditures for Ivanhoe Electric were -$3.59 million in the last 12 months as of November 2025.
• Net proceeds from the October 2025 stock offering are designated for significant capital allocation, including approximately $39 million for land payments, $50 million for early development at the Santa Cruz Copper Project, and $25 million for exploration activities across current projects and joint ventures.
• The Santa Cruz Copper Project has an estimated initial project capital requirement of approximately $1.15 billion, with initial and sustaining mining capital costs projected at $960.48 million.