Ivanhoe Electric Inc.
Ivanhoe Electric Inc. is a U.S.-based mineral exploration and technology company focused on advancing the Santa Cruz Copper Project in Arizona while also building exposure to critical metals, data processing services, and energy storage. The company combines early-stage mining assets with proprietary geophysical technology, including Typhoon™, and a Saudi Arabia exploration joint venture with Maaden.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueIncludes the Santa Cruz Copper Project and other mineral properties under exploration or evaluation.
Geophysical data analysis and processing services provided mainly to mining and oil & gas customers.
Vanadium redox flow battery systems developed and sold through VRB Energy.
Equity interests, joint ventures, and project positions in critical metals opportunities.
Products
Reported · share of revenue- Data Processing Services97.6 %
- Renewable Energy Storage Systems2.4 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company’s mining projects do not yet generate revenue, so its current paying customers are mainly industrial and resource-sector clients served through CGI and VRB Energy. CGI sells data processing services to mining and oil & gas companies, while VRB Energy sells vanadium redox flow energy storage systems to customers seeking long-duration storage solutions. For the Santa Cruz Copper Project, the eventual customer base is expected to be copper cathode buyers in the United States.
Buy CGI data processing and geophysical analysis to interpret survey data and support exploration decisions.
Buy VRB Energy vanadium redox flow systems for long-duration storage applications.
Would buy copper cathode from Santa Cruz once the project reaches production; sales are expected in the U.S.
Maaden and other partners fund and enable exploration access, technology deployment, and project advancement.
Strategy
The company is using capital to advance Santa Cruz toward a preliminary feasibility study and eventual development decision, while continuing exploration across its broader mineral portfolio. At the same time, it is monetizing technology capabilities through CGI and VRB Energy and using the Maaden joint venture to expand exploration reach in Saudi Arabia. This mix is intended to reduce dependence on a single project and create optionality across mining, services, and energy storage.
Moves the flagship copper asset closer to development and future production.
Provides access to a very large land package and validates Typhoon™ in a major mining jurisdiction.
Creates cash-generating activity while mineral projects remain pre-revenue.
Geography
2025Ivanhoe Electric is headquartered in Tempe, Arizona and its core project is the Santa Cruz Copper Project in Arizona. The company also has a 50/50 exploration joint venture in Saudi Arabia with Maaden, where it has access to a very large land package and has deployed Typhoon™ systems. It plans to sell future copper production in the United States, while current technology and exploration activities span the U.S., Saudi Arabia, and other jurisdictions tied to project interests.
Share of the revenue the company reports by geography.
Risks
Ivanhoe Electric remains highly exposed to exploration risk because its mineral projects are still pre-production and may never become operating mines. The business also faces funding, permitting, commodity price, and geopolitical risks, especially given its Saudi Arabia joint venture and the capital-intensive nature of copper development. Technology and service businesses add diversification, but they also introduce execution, customer demand, and cyber risk.
- Exploration and development failureImpact: CriticalLikelihood: High
The company operates no mines and mineral projects may not reach commercial production.
Exposure: Santa Cruz Copper Project and other mineral interests
- Permitting and regulatory delayImpact: HighLikelihood: Medium
Project advancement depends on environmental and other approvals, including in Colombia for related transactions and in Arizona for Santa Cruz.
Exposure: Project timelines and capital deployment
- Commodity price riskImpact: HighLikelihood: Medium
Copper project economics and potential sale premiums depend on benchmark copper prices.
Exposure: Santa Cruz Copper Project
- Geopolitical and trade policy riskImpact: MediumLikelihood: High
Operations and supply chains can be affected by tariffs, trade restrictions, and foreign jurisdiction exposure.
Exposure: Saudi Arabia JV and international project activities
- Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium
Data processing and geophysical businesses rely on systems that could be compromised or interrupted.
Exposure: CGI and Typhoon™-related operations
Accounting
Judgemental itemsManagement must assess whether project carrying values remain supportable as exploration progresses or stalls.
Impact: Potential impairment charges on mineral properties
The Maaden joint venture is accounted for using the equity method, so its losses flow into Ivanhoe Electric’s results.
Impact: Reported net loss and investment carrying value
Service revenue and equipment sales may be recognized differently depending on contract terms and delivery milestones.
Impact: Quarterly revenue timing and gross margin
Drilling, geophysical work, salaries, and related taxes are expensed as exploration costs rather than capitalized in many cases.
Impact: Operating loss and comparability across periods
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Last updated: 24/09/2026