Earnings

Ivanhoe Electric Q3 2026 Loss Widens; Completes Santa Cruz Preliminary Feasibility Study

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter 2026 revenue rose to $0.7 million from $0.5 million, while net loss attributable to common stockholders widened to $30.8 million from $17.5 million. The Santa Cruz preliminary feasibility study projects 1.4 million tonnes of copper cathode over 24 years and a $1.5 billion after-tax NPV at $4.75 a pound.

Ivanhoe Electric (IE), a United States-based minerals exploration and development company, reported revenue of $0.7 million for the three months ended September 30, 2026, up from $0.5 million a year earlier, while its net loss attributable to common stockholders widened to $30.8 million, or $0.19 a share, from $17.5 million, or $0.13 a share.

The company completed a 2026 Preliminary Feasibility Study for its 100%-owned Santa Cruz Copper Project in Arizona on September 23, 2026, projecting 1.4 million tonnes of copper cathode over a 24-year mine life.

At a base-case copper price of $4.75 a pound, the study put the after-tax net present value at $1.5 billion using an 8% discount rate and an internal rate of return of 19%. Initial project capital is estimated at $1.4 billion. The study incorporates The Robbins Company’s Crossover Tunnel Boring Machine for mine access and reflects updated cost estimates and detailed design work.

On August 24, 2026, the company said it received a Preliminary Project Letter from the Export-Import Bank of the United States for potential debt financing of up to $1.1 billion to support Santa Cruz development, an increase from the $825 million outlined in EXIM’s April 2025 Letter of Interest. The company said the PPL does not constitute a financing commitment and that it is anticipating final US EXIM Board consideration during the spring of 2027.

For the three months ended September 30, 2026, Ivanhoe Electric recorded a net loss attributable to common stockholders of $30.8 million, or $0.19 a share, compared with $17.5 million, or $0.13 a share, a year earlier. The company said the year-over-year increase of $13.3 million included a $6.2 million rise in exploration and evaluation expenditures and a $9.7 million increase in share of loss of equity method investees, partly offset by a $1.0 million decrease in general and administrative expenses and a $4.0 million gain on revaluation of an investment carried at fair value.

Exploration and evaluation expenses were $20.9 million in the quarter, up from $14.7 million a year earlier. Santa Cruz spend was $11.0 million, compared with $4.4 million a year earlier, as the company focused on permitting, updating the 2025 PFS to incorporate TBM and material-handling engineering, optimization studies, and geotechnical drilling for the 2026 Study. Gleeson spend was $4.7 million after drilling began in November 2025. Hog Heaven spend was $267,000 after drilling completed April 23, 2026. Alacrán, Colombia, spend was zero after Cordoba sold its remaining 50% interest on March 5, 2026. Chile Exploration Collaboration spend of $905,000 appeared after the January 27, 2026 collaboration with Sociedad Química y Minera de Chile.

General and administrative expenses were $8.1 million. The company said the main contributor to the year-over-year decrease was a $0.5 million drop in Cordoba costs after the Alacrán sale, plus a $0.5 million decline in stock-based compensation. Share of loss of equity method investees was $5.4 million, consisting of a $3.9 million share of the Maaden Joint Venture loss and a $1.5 million share of the VRB China Joint Venture loss.

CGI’s software licensing and data processing services remained 100% of company revenue at $0.7 million. VRB generated no revenue.

On July 7, 2026, Ivanhoe Electric and Maaden entered an amended and restated shareholders agreement that lets the 50/50 joint venture acquire exploration and mining licenses in its own name, gives the technical committee more authority to reallocate funds, and extends the exploration term to July 6, 2033. Alex Neufeld was promoted to Senior Vice President of Exploration on August 1, 2026, and Michelle Lammers joined as Chief Operating Officer on September 1, 2026.

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