Ivanhoe Electric (IE)
Market Price (3/30/2026): $10.85 | Market Cap: $1.5 BilSector: Materials | Industry: Copper
Ivanhoe Electric (IE)
Market Price (3/30/2026): $10.85Market Cap: $1.5 BilSector: MaterialsIndustry: Copper
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Advanced Battery Components, Show more. | Weak multi-year price returns3Y Excs Rtn is -65% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3422% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 476x | ||
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -33% | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 359% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2750%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2910% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% | ||
| Key risksIE key risks include [1] the successful execution, Show more. |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Advanced Battery Components, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -65% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3422% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 476x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -33% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 359% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2750%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2910% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksIE key risks include [1] the successful execution, Show more. |
Qualitative Assessment
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Ivanhoe Electric (IE) stock has lost about 25% since 11/30/2025 because of the following key factors:
1. Continued Unprofitability and Capital Intensity: Ivanhoe Electric reported a full-year 2025 net loss of $105.87 million, despite sales rising to $3.24 million, underscoring its status as a capital-hungry exploration company. While the loss per share improved to $0.79 from $1.07 compared to 2024, the persistent unprofitability and reliance on further funding remain a core concern for investors.
2. Wider-than-Expected Fourth Quarter 2025 Loss: The company reported a loss of $0.24 per share for Q4 2025, which was wider than the consensus analyst estimate of -$0.21. Although Ivanhoe Electric beat revenue expectations for the quarter, the larger-than-anticipated loss likely contributed to negative investor sentiment.
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1. Continued Unprofitability and Capital Intensity: Ivanhoe Electric reported a full-year 2025 net loss of $105.87 million, despite sales rising to $3.24 million, underscoring its status as a capital-hungry exploration company. While the loss per share improved to $0.79 from $1.07 compared to 2024, the persistent unprofitability and reliance on further funding remain a core concern for investors.
2. Wider-than-Expected Fourth Quarter 2025 Loss: The company reported a loss of $0.24 per share for Q4 2025, which was wider than the consensus analyst estimate of -$0.21. Although Ivanhoe Electric beat revenue expectations for the quarter, the larger-than-anticipated loss likely contributed to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -24.0% change in IE stock from 11/30/2025 to 3/29/2026 was primarily driven by a -11.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.31 | 10.87 | -24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 3 | -11.8% |
| P/S Multiple | 516.8 | 476.1 | -7.9% |
| Shares Outstanding (Mil) | 133 | 142 | -6.5% |
| Cumulative Contribution | -24.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IE | -24.0% | |
| Market (SPY) | -5.3% | 42.5% |
| Sector (XLB) | 10.0% | 50.6% |
Fundamental Drivers
The 21.9% change in IE stock from 8/31/2025 to 3/29/2026 was primarily driven by a 53.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.92 | 10.87 | 21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 3 | -14.8% |
| P/S Multiple | 310.8 | 476.1 | 53.2% |
| Shares Outstanding (Mil) | 133 | 142 | -6.7% |
| Cumulative Contribution | 21.9% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IE | 21.9% | |
| Market (SPY) | 0.6% | 41.9% |
| Sector (XLB) | 7.1% | 41.6% |
Fundamental Drivers
The 75.0% change in IE stock from 2/28/2025 to 3/29/2026 was primarily driven by a 84.5% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.21 | 10.87 | 75.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 3 | 11.8% |
| P/S Multiple | 258.0 | 476.1 | 84.5% |
| Shares Outstanding (Mil) | 121 | 142 | -15.2% |
| Cumulative Contribution | 75.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IE | 75.0% | |
| Market (SPY) | 9.8% | 43.4% |
| Sector (XLB) | 12.4% | 44.6% |
Fundamental Drivers
The -27.7% change in IE stock from 2/28/2023 to 3/29/2026 was primarily driven by a -34.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.03 | 10.87 | -27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 3 | 0.0% |
| P/S Multiple | � | 476.1 | 0.0% |
| Shares Outstanding (Mil) | 93 | 142 | -34.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| IE | -27.7% | |
| Market (SPY) | 69.4% | 38.0% |
| Sector (XLB) | 26.8% | 42.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IE Return | - | 12% | -17% | -25% | 112% | -32% | 0% |
| Peers Return | 22% | 3% | 11% | -2% | 116% | 3% | 206% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| IE Win Rate | - | 71% | 50% | 50% | 67% | 67% | |
| Peers Win Rate | 50% | 52% | 52% | 43% | 70% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| IE Max Drawdown | - | -29% | -19% | -36% | -37% | -32% | |
| Peers Max Drawdown | -10% | -29% | -17% | -19% | -15% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, SCCO, NEM, TECK, HL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | IE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 701 days | 464 days |
Compare to FCX, SCCO, NEM, TECK, HL
In The Past
Ivanhoe Electric's stock fell -40.3% during the 2022 Inflation Shock from a high on 7/17/2023. A -40.3% loss requires a 67.4% gain to breakeven.
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About Ivanhoe Electric (IE)
We are a United States domiciled minerals exploration and development company with a focus on developing mines from mineral deposits principally located in the United States in order to support American supply chain independence and to deliver the critical metals necessary for electrification of the economy. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of these metals. We are committed to the sustainable development of our projects by embedding environmental, social, and governance (“ESG”) criteria in our decision-making framework from the earliest stages of project exploration and development. We are committed to building upon our team’s strong ESG track record, including at Ivanhoe Mines Ltd. (“Ivanhoe Mines”), founded by Robert Friedland, our founder, leveraging best practices and seeking to establish Ivanhoe Electric as an ESG leader in the mining sector. Key considerations that will influence our decision making include, but are not limited to, using clean and renewable energy in our future mining operations, optimizing and minimizing our water resource utilization, minimizing our environmental footprint, ensuring workforce diversity and hiring from local communities, health, safety and environmental (“HSE”) performance as well as cultural heritage and biodiversity protection. Most importantly, our products also play a critical ESG role by enabling the clean energy transition. Material and Key Mineral Projects Our two material mineral projects are located in the United States and are known as the Santa Cruz Copper Project (“Santa Cruz”) in Arizona and the Tintic Copper-Gold Project (“Tintic”) in Utah. Santa Cruz is situated in a prolific mining region that hosts some of the largest copper mines in the United States. Tintic was a historically significant silver producing district, as well as a copper and gold district, that we believe has the potential to host a world-class porphyry copper-gold deposit. We have the option to acquire 100% of the mineral rights constituting the Santa Cruz and Tintic projects. Our other key mineral projects are the Hog Heaven Silver-Gold-Copper Project (“Hog Heaven”), located in Montana, and the Sama Nickel-Copper-Palladium Project (the “Ivory Coast Project”), located in the Ivory Coast, in which we have both direct and indirect interests. --- Typhoon™ and Computational Geosciences In addition to our portfolio of material and key mineral projects, we own patents to an exploration technology known as Typhoon™. When we reference “our” Typhoon™ technology, we mean the technology that is owned by our subsidiary Geo27, Inc. (“Geo27”). We are also the exclusive worldwide licensee of certain technology from I-Pulse Inc. (“I-Pulse”) for use in geological surveys for mineral exploration. I-Pulse is the parent of our predecessor company, High Power Exploration Inc (“HPX”). We also control a data inversion business, Computational Geosciences Inc. (“CGI”). CGI was founded in 2010 to commercialize innovative technology developed at the University of British Columbia, Canada to improve and enhance mineral exploration. The Typhoon™ technology consists of sophisticated codes to process geophysical data and build 3D subsurface images that could indicate the presence of various metals and minerals. Typhoon™ technology allows us to cost effectively and efficiently evaluate large-scale mineral deposits up to depths of one and a half kilometers or more, while CGI interprets and visualizes the geological data generated by Typhoon™. Typhoon™ can and has been used to successfully accelerate and de-risk the exploration process, enabling a higher frequency of resource discovery and lowering costs. Typhoon™ has proven to be an important exploration tool during its deployment at Tintic. We expect that Typhoon™ will also be an important exploration tool at Santa Cruz. We have recently deployed Typhoon™ at the Santa Cruz Project to help identify new mineralized targets. Typhoon™ has also been utilized at some of our other projects. --- VRB Energy VRB Energy Inc. (“VRB”) is primarily engaged in the design, manufacture, installation, and operation of large-scale energy storage systems. VRB’s major product is a Vanadium Redox Battery Electrochemical Storage System (“VRB-ESS®”). Vanadium redox batteries are a type of rechargeable flow batteries that employ vanadium ions as the charge carriers. We believe they are safe, scalable and have the lowest lifecycle cost of energy compared to other types of batteries, making them ideal for grid-scale energy storage. VRB’s goal is to deliver the best technology at the lowest cost to large-scale utility energy storage projects around the globe. VRB has over 500 megawatt-hour (“MWh”) of energy storage capacity installed or in development, and has completed over one million hours of testing and operation. Ongoing research and development and project experience have allowed VRB to produce larger, more cost-effective and efficient systems in each successive battery generation. VRB produces VRB-ESS® using vanadium recycled from petroleum waste. In July 2021, BCPG Public Company Limited (“BCPG”), one of Asia-Pacific’s largest renewable energy companies, invested $24 million in convertible bonds issued by VRB. As of March 31, 2022, we owned approximately 90% of the outstanding shares of VRB. Ivanhoe Electric Inc. 606 – 999 Canada Place Vancouver, BC V6C 3E1.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Ivanhoe Electric:
- Imagine a mineral exploration company like an early-stage Rio Tinto or BHP, but armed with its own proprietary 'MRI machine' (Typhoon™) to pinpoint critical metal deposits deep underground.
- They also operate VRB Energy, a large-scale energy storage company similar to Tesla Energy or Fluence, specializing in vanadium redox flow batteries for grid applications.
- Think of Ivanhoe Electric as combining the advanced geological data science of a 'Palantir for minerals' with the grid-scale battery manufacturing of a Tesla Energy, all focused on securing critical metals and energy storage for the electrification of the economy.
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- Mineral Exploration and Development Services: Identifying, exploring, and developing mineral deposits into mines, primarily in the United States.
- Typhoon™ Geophysical Exploration Technology: A proprietary technology used to process geophysical data and build 3D subsurface images for mineral exploration.
- Geological Data Interpretation Services: Services provided by Computational Geosciences Inc. (CGI) for interpreting and visualizing geological data, often generated by Typhoon™.
- Vanadium Redox Battery Energy Storage Systems (VRB-ESS®): Large-scale, grid-compatible energy storage systems designed, manufactured, installed, and operated by its subsidiary VRB Energy.
AI Analysis | Feedback
Ivanhoe Electric (IE) itself is primarily engaged in mineral exploration and development. At this stage, its core business of developing mineral deposits (copper, gold, silver, nickel, palladium) does not have direct customers for its output, as it is focused on establishing future mines to supply critical metals to the economy.
However, Ivanhoe Electric owns approximately 90% of VRB Energy Inc. (VRB), which is primarily engaged in the design, manufacture, installation, and operation of large-scale energy storage systems, specifically Vanadium Redox Battery Electrochemical Storage Systems (VRB-ESS®).
Through its subsidiary VRB Energy, Ivanhoe Electric sells to other companies. VRB's major customers are described as:
- Large-scale utility energy storage projects around the globe.
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I-Pulse Inc.
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Robert Friedland, Executive Chairman
Mr. Friedland has served as Executive Chairman of Ivanhoe Electric's Board of Directors since November 2022, and prior to that, was Chief Executive Officer from July 2020 to November 2022. He is recognized as an entrepreneurial explorer, technology innovator, and company builder with over thirty years of experience in the international financial and mineral resource industries. Mr. Friedland is the founder of Ivanhoe Capital Corporation, a family office and investment company established in 1987. He is also the founder and co-chairman of Ivanhoe Mines Ltd. (formerly Indochina Goldfields). Notably, he co-founded Diamond Fields Resources in 1992, which led to the discovery of high-grade nickel at Voisey's Bay, subsequently sold to Inco for CDN$4.3 billion in 1996. Mr. Friedland also chaired Potash One from 2009 until its acquisition by K+S in 2011. He was inducted into the Canadian Mining Hall of Fame in 2016.
Taylor Melvin, President, Chief Executive Officer and Director
Mr. Melvin has served as Ivanhoe Electric's Chief Executive Officer, President, and a member of its Board of Directors since November 2022. He brings over twenty years of experience in the natural resources sector, having worked as a senior corporate development professional and investment banker. Before joining Ivanhoe Electric, Mr. Melvin held positions at Freeport-McMoRan Inc., serving as Vice President, Corporate Development from June 2018 to March 2022, and as Director – Finance & Business Development since 2008.
Jordan Neeser, Chief Financial Officer
Mr. Neeser has served as Ivanhoe Electric's 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 within the mining sector. Prior to his current role, Mr. Neeser was Chief Financial Officer and Corporate Secretary at TSX-listed Gold Standard Ventures from March 2021 to August 2022, a company that was acquired by Orla Mining in August 2022. He also served as Chief Financial Officer of Conifex Timber Inc. from December 2018 to March 2021 and spent eight years at First Quantum as both Group Controller and Director, Business Development. Since June 2024, Mr. Neeser has also served as a Director of Cordoba Minerals Corp.
Quentin Markin, Executive Vice President, Business Development and Strategy Execution
Mr. Markin has served as Ivanhoe Electric's 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 accumulated at the Canadian firm Stikeman Elliott LLP, where he had been a partner since 2008. Additionally, he has served as a Director of Cordoba Minerals Corp. since September 2023.
Glen Kuntz, Senior Vice President, Mine Development and Principal Operating Officer
Mr. Kuntz has served as Ivanhoe Electric's Senior Vice President, Mine Development since November 21, 2022, and was appointed as the new principal operating officer effective May 9, 2025. Previously, he held the role of Chief Technical and Innovation Officer since January 2022. Mr. Kuntz is a Qualified Person, Professional Geologist, and a mining executive with over thirty years of experience in exploration, development, and operations across various commodities and mining methods throughout the Americas, Africa, and Australia. He has also been Vice President of Mesa Cobre Corporation, a subsidiary of Ivanhoe Electric, since April 2022.
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Key Business Risks for Ivanhoe Electric (IE)
- Mineral Exploration and Development Success: Ivanhoe Electric's core business revolves around the discovery and development of commercially viable mineral deposits, particularly for critical metals in the United States. While the company utilizes advanced exploration technologies like Typhoon™ to enhance discovery, the inherent uncertainty of finding economically extractable resources and successfully transitioning them into producing mines remains a significant risk. The background emphasizes the "potential to yield major new discoveries" and the "potential to host a world-class porphyry copper-gold deposit," indicating that the realization of these prospects is not guaranteed.
- Market Acceptance and Competition for VRB Energy's VRB-ESS®: Ivanhoe Electric holds a approximately 90% ownership stake in VRB Energy Inc., which is engaged in the design, manufacture, installation, and operation of large-scale energy storage systems, specifically Vanadium Redox Battery Electrochemical Storage Systems (VRB-ESS®). The success of this significant investment is contingent on the widespread market adoption of VRB-ESS® technology and VRB Energy's ability to compete effectively against other energy storage solutions in the global market.
- Fluctuations in Commodity Prices: As a minerals exploration and development company focused on critical metals such as copper, gold, silver, nickel, and palladium, Ivanhoe Electric's financial performance and the economic viability of its mineral projects are directly exposed to the volatility of global commodity prices. Significant or sustained declines in the prices of these metals could adversely affect the value of its mineral assets, the feasibility of developing new mines, and the profitability of future operations.
AI Analysis | Feedback
nullAI Analysis | Feedback
Ivanhoe Electric (IE) operates in several key markets related to critical metal exploration and development, mineral exploration technology, and energy storage systems. Below are the addressable market sizes for their main products and services:
Mineral Exploration and Development
- Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030. For the U.S. specifically, the copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. Other estimates place the U.S. copper market size at approximately USD 14.55 billion in 2024, projected to reach around USD 26.33 billion by 2034, with a CAGR of about 6.11% between 2025 and 2034.
- Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51%. In terms of volume, the global gold market stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034. U.S. gold demand surged to 679 tons in 2025.
- Silver: The global silver market size was valued at USD 23.51 billion in 2025 and is expected to grow to USD 36.51 billion by 2035 at a CAGR of 4.50%. Another projection estimates the global silver market size at USD 87.12 billion in 2024, growing to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86%. The U.S. silver market is expected to grow to USD 4.2 billion by 2035.
- Nickel: The global nickel market was valued at USD 41.62 billion in 2024 and is projected to reach USD 83.77 billion by 2034, growing at a CAGR of 7.25% from 2025 to 2034. Another estimate for the global market size is USD 47.8 billion in 2025, projected to grow to USD 78.3 billion by 2034 at a CAGR of 7.30%. The U.S. nickel market size is projected to reach an estimated value of USD 2.01 billion by 2032.
- Palladium: The global palladium market size was estimated at USD 11,647.3 million in 2024 and is projected to reach USD 16,065.3 million by 2030, growing at a CAGR of 8.2% from 2025 to 2030. Another report values the global market at USD 15.35 billion in 2025, projected to reach USD 22.81 billion by 2034, registering a CAGR of 4.5%.
Typhoon™ and Computational Geosciences
- The addressable market size for Typhoon™ technology and Computational Geosciences (CGI) services (mineral exploration technology) cannot be specifically determined from the provided information.
VRB Energy (Vanadium Redox Battery Electrochemical Storage System - VRB-ESS®)
- Vanadium Redox Flow Battery Market: The global vanadium redox flow battery market size was valued at USD 569.94 billion in 2025. The market is projected to grow from USD 684.35 billion in 2026 to USD 2956.78 billion by 2034, exhibiting a CAGR of 20.07%. Another source estimates the global market at USD 495.43 million in 2025, expanding to USD 3,058.12 million by 2035, with a CAGR of 19.9%.
- Grid-scale Energy Storage Market: The broader global grid-scale stationary battery storage market, which includes vanadium redox flow batteries, was valued at USD 228.7 billion in 2025 and is projected to grow to USD 2648.92 billion by 2034, exhibiting a CAGR of 31.28%. Another estimate puts the global market size at USD 174.1 billion in 2024, expected to reach USD 2.96 trillion by 2034, growing at a CAGR of 30.7%. The U.S. grid-scale stationary battery storage market was worth over USD 43.7 billion in 2024.
AI Analysis | Feedback
Ivanhoe Electric (IE) is an exploration and development company with a diversified approach to future revenue growth, focusing on its core mineral projects and its energy storage subsidiary, VRB Energy. Over the next 2-3 years, the company's expected revenue growth drivers include:
- Advancement of its Material Mineral Projects Towards Production: A primary driver will be the progression of its key mineral projects, particularly the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, towards and into production. The Santa Cruz Copper Project, for example, has shown promising results in preliminary feasibility studies, indicating a significant mine life and substantial future value, underpinning the company's long-term copper and critical metals strategy.
- Expansion of VRB Energy's Vanadium Redox Battery Systems in Asia, the Middle East, and Africa: Ivanhoe Electric's 90%-owned subsidiary, VRB Energy, is expanding its reach through a joint venture with Shanxi Red Sun. This joint venture, named VRB Energy System, is establishing manufacturing sites and a dedicated electrolyte plant in China, with completion expected in 2025, to serve the growing energy storage markets across Asia, the Middle East, and Africa.
- Growth of VRB Energy's US-Based Vanadium Redox Battery Manufacturing and Sales for Western Markets: Simultaneously, Ivanhoe Electric is focusing on establishing a US-based vanadium redox flow battery production facility in Arizona. This facility aims to cater to the North American, South American, and European markets, with an annual production capacity of 50MW planned for the VRB Energy USA plant. This strategic expansion into Western markets represents another significant revenue growth avenue for the company.
- Leveraging Typhoon™ Technology to Accelerate Mineral Discoveries: While primarily an internal tool, the continued successful deployment of Ivanhoe Electric's proprietary Typhoon™ geophysical exploration technology is expected to accelerate and de-risk the exploration process. By enabling a higher frequency of resource discovery and lowering costs, Typhoon™ contributes to the expedited development of new mineral deposits, which will ultimately translate into future mining revenues. The technology is already being utilized at projects like Tintic and Santa Cruz to identify new mineralized targets.
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Share Issuance
- Ivanhoe Electric completed its Initial Public Offering (IPO) on June 27, 2022, selling 14,388,000 shares at $11.75 per share, raising approximately $169.1 million in gross proceeds.
- In February 2025, the company issued 11,794,872 units, each comprising one common stock share and one warrant, at $5.85 per unit, resulting in net proceeds of approximately $65.8 million.
- Another public offering in October 2025 involved the issuance of 11,500,000 common stock shares at $15.00 per share, generating net proceeds of approximately $165.3 million, with gross proceeds reaching $172.5 million after the full exercise of underwriters' options.
Inbound Investments
- Ivanhoe Electric raised approximately $169.1 million in gross proceeds from its IPO in June 2022.
- The company secured approximately $231.1 million in net proceeds from two public offerings completed in February and October 2025.
- Ivanhoe Electric closed a $200 million senior secured multi-draw bridge facility in December 2025 to support the development of its Santa Cruz Copper Project.
Outbound Investments
- In 2023, Ivanhoe Electric established a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) to explore for minerals in Saudi Arabia, with an investment of $66.0 million in the Maaden Joint Venture reported for the year ended December 31, 2025.
- An exploration alliance with BHP Mineral Resources Inc. was formed in 2024 to search for critical minerals in the United States.
- The company acquired 100% of the Pinaya Copper-Gold Project in Peru through its subsidiary Kaizen as of February 6, 2024.
Capital Expenditures
- The Santa Cruz Copper Project has an estimated initial capital cost of $1.24 billion for its development, as outlined in a 2025 Preliminary Feasibility Study.
- Ivanhoe Electric allocated $76.6 million for land acquisition payments at the Santa Cruz Copper Project in 2025, which included accelerating the final three payments totaling $39.3 million.
- Exploration expenses, which are crucial for the company's project development, amounted to $63.287 million in 2025, $130.944 million in 2024, and $126.719 million in 2023.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.39 |
| Mkt Cap | 52.3 |
| Rev LTM | 12,088 |
| Op Inc LTM | 3,967 |
| FCF LTM | 713 |
| FCF 3Y Avg | 681 |
| CFO LTM | 3,116 |
| CFO 3Y Avg | 3,517 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.0% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 15.2% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Mgn LTM | 31.4% |
| Op Mgn 3Y Avg | 23.5% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 28.5% |
| CFO/Rev 3Y Avg | 25.8% |
| FCF/Rev LTM | 13.1% |
| FCF/Rev 3Y Avg | 2.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 52.3 |
| P/S | 6.7 |
| P/EBIT | 11.0 |
| P/E | 24.3 |
| P/CFO | 15.2 |
| Total Yield | 4.4% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 0.7% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -23.6% |
| 3M Rtn | -0.8% |
| 6M Rtn | 30.2% |
| 12M Rtn | 74.2% |
| 3Y Rtn | 85.2% |
| 1M Excs Rtn | -14.7% |
| 3M Excs Rtn | 9.2% |
| 6M Excs Rtn | 34.4% |
| 12M Excs Rtn | 52.6% |
| 3Y Excs Rtn | 33.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Data Processing | 3 | 1 | 8 | 5 |
| Energy Storage | 0 | 3 | 1 | 0 |
| Critical Metals | 0 | 0 | 0 | |
| Santa Cruz Project | 0 | 0 | ||
| Intersegment revenues | -0 | -0 | -0 | |
| Total | 3 | 4 | 8 | 5 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Data Processing | 1 | -1 | 3 | -1 |
| Energy Storage | -8 | -10 | -10 | -7 |
| Santa Cruz Project | -72 | -58 | ||
| Critical Metals | -97 | -112 | -125 | -53 |
| Total | -177 | -180 | -132 | -61 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Santa Cruz Project | 179 | 169 | ||
| Critical Metals | 131 | 296 | 239 | 120 |
| Energy Storage | 61 | 17 | 17 | 28 |
| Data Processing | 3 | 5 | 5 | 6 |
| Total | 375 | 487 | 260 | 154 |
Price Behavior
Price Behavior
| Market Price | $10.87 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 06/28/2022 | |
| Distance from 52W High | -45.4% | |
| 50 Days | 200 Days | |
| DMA Price | $15.61 | $12.96 |
| DMA Trend | up | down |
| Distance from DMA | -30.4% | -16.1% |
| 3M | 1YR | |
| Volatility | 74.3% | 79.1% |
| Downside Capture | 2.28 | 1.32 |
| Upside Capture | 239.26 | 212.95 |
| Correlation (SPY) | 37.7% | 43.1% |
IE Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.90 | 1.78 | 2.69 | 2.55 | 1.75 | 1.68 |
| Up Beta | 2.18 | 0.36 | 0.25 | 2.72 | 1.51 | 1.37 |
| Down Beta | 2.59 | 0.31 | 1.08 | 1.76 | 1.91 | 2.12 |
| Up Capture | 292% | 376% | 639% | 623% | 542% | 403% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 22 | 35 | 70 | 137 | 382 |
| Down Capture | 355% | 240% | 299% | 186% | 126% | 111% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 19 | 26 | 54 | 112 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IE | |
|---|---|---|---|---|
| IE | 57.5% | 79.6% | 0.91 | - |
| Sector ETF (XLB) | 14.6% | 20.9% | 0.55 | 44.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 43.1% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 33.8% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 23.8% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 24.9% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 26.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IE | |
|---|---|---|---|---|
| IE | 0.1% | 69.3% | 0.29 | - |
| Sector ETF (XLB) | 6.7% | 18.9% | 0.25 | 40.7% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 36.3% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 28.9% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 24.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 26.9% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IE | |
|---|---|---|---|---|
| IE | 0.0% | 69.3% | 0.29 | - |
| Sector ETF (XLB) | 10.1% | 20.6% | 0.44 | 40.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 36.3% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 28.9% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 24.3% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 26.9% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2025 | -3.0% | -7.7% | -19.0% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 1 | 1 | 1 |
| Median Positive | |||
| Median Negative | -3.0% | -7.7% | -19.0% |
| Max Positive | |||
| Max Negative | -3.0% | -7.7% | -19.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 06/29/2022 | 424B4 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Markin, Quentin | See Remarks | Direct | Sell | 12302025 | 16.34 | 90,000 | 1,470,600 | 11,903,576 | Form |
| 2 | Chow, Tai Fook Enterprises Ltd | See footnote | Sell | 9252025 | 9.30 | 3,418,295 | 31,789,460 | 89,888,826 | Form | |
| 3 | Boyd, Graham Richard Thomas | Senior VP, Exploration | Direct | Sell | 8252025 | 8.92 | 134,059 | 1,195,806 | 1,732,496 | Form |
| 4 | Melvin, Joseph Taylor | President and CEO | Direct | Buy | 3092025 | 5.76 | 50,000 | 288,000 | 4,209,137 | Form |
| 5 | Boyd, Graham Richard Thomas | Senior VP, Exploration | Direct | Buy | 3072025 | 5.83 | 5,000 | 29,150 | 67,102 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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