Ivanhoe Electric

Refresh delta (since 2026-06-18)

1. The updated PFS replaces the June 2025 study. Dated 2026-09-23, it gives after-tax NPV (8%) of $1,519M, after-tax IRR 18.7%, pre-tax NPV $1,898M, pre-tax IRR 20.2%, and after-tax payback of 4.8 years from start of operations. [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-09-23, https://www.sec.gov/Archives/edgar/data/1879016/000110465926109810/tm2625798d1_8k.htm; PFS dated 2026-09-23]
2. Copper price basis changed. The new PFS economics use $4.75/lb plus a $0.14/lb domestic cathode premium. The previous dossier cites the June 2025 PFS at $4.25/lb. The reserve and resource optimisation parameters in the new PFS use $4.00/lb. [sec.gov: 8-K filed 2026-09-23, same URL; price basis stated in the PFS economic table]
3. Initial capital is $1,426M (total initial capital $1,423M plus $3M reclamation; life-of-mine capital $2,850M, of which sustaining capital is $1,545M gross and $1,424M after closure costs net of end-of-life land sales). The previous dossier cites $1.24B initial capital.. CapexCapital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. accuracy is stated as -20% to +25% with contingency under 15%. [sec.gov: 8-K filed 2026-09-23, same URL]
4. Schedule moved. The PFS assumes initial capital is spent in 2027, 2028 and mid-2029, with copper production beginning from mid-2029 and a 24-year mine life to 2052. The previous dossier's path-to-cathode shows first cathode around 2028 and a 23-year life. [sec.gov: 8-K filed 2026-09-23, same URL]
5. Production and cost profile. Life-of-mine cathode is 1,401 kt, averaging about 58,385 t/y over life and about 74,722 t/y over the first 15 years. Reserve is 140 Mt at 1.08% Cu, recovery 92.3%, C1 cash cost $1.47/lb, all-in sustaining cost $2.28/lb. [sec.gov: 8-K filed 2026-09-23, same URL]
6. Q2-2026 quarter (three months to 2026-06-30). Revenue $0.724M (CGI only; $1.068M a year earlier). Net loss attributable to common $24.7M, or $0.16 per share. Six-month revenue $1.582M. Six-month net income attributable to common $17.1M ($0.11 per share), against a $54.4M loss a year earlier. [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-07, https://www.sec.gov/Archives/edgar/data/1879016/000187901626000017/ie-20260630.htm; periods ended 2026-06-30]
7. Liquidity. Cash and cash equivalents were $256.9M at 2026-06-30, of which $23.5M was held by non-wholly-owned subsidiaries and not available for general corporate use. Working capital $216.6M. Six-month net cash used in operations $62.3M. [sec.gov: 10-Q filed 2026-08-07, same URL; as of 2026-06-30]. Cash at 2026-03-31 was $289.8M.
8. Bridge Facility still undrawn; EXIM still at application stage. The $200M Bridge Facility was undrawn at 2026-06-30. The 10-Q says the company is advancing through EXIM's formal application process on the April 2025 Letter of Interest (up to $825M, 15-year tenor), that EXIM must complete due diligence, and that any final commitment depends on EXIM's underwriting and authorisation. Management states sufficient cash and Bridge availability for at least 12 months from 2026-08-07. [sec.gov: 10-Q filed 2026-08-07, same URL]
9. Share count. 159,590,259 shares outstanding at 2026-08-07, and 159.6M at 2026-06-30 (145.5M at 2025-12-31). [sec.gov: 10-Q filed 2026-08-07, same URL]
10. Tunnel boring machine bought. A May 2026 agreement with Robbins for a crossover TBM and material handling system costs $64.7M in milestone payments over two years. A $13.8M deposit had been paid by 2026-06-30. The 10-Q lists delivery or performance failure as a risk factor. The updated PFS incorporates the TBM-based mine access design. [sec.gov: 10-Q filed 2026-08-07, same URL; 8-K filed 2026-08-05 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1879016/000110465926090722/tm2622220d1_ex99-1.htm]
11. Management change. Michelle Lammers (Operations Director at ASARCO since 2023) becomes Chief Operating Officer effective 2026-09-01, on a $350,000 base salary. Daniel Worthy (Nevada Gold Mines) becomes Senior Vice President, Operations and Santa Cruz General Manager from the same date. Glen Kuntz stays as SVP Mine Development and leads engineering and design. The filing says the change was not the result of any disagreement. [sec.gov: 8-K filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1879016/000110465926090722/tm2622220d1_8k.htm]
12. Maaden joint venture restated. The Amended and Restated Shareholders Agreement of 2026-07-07 lets the JV hold exploration and mining licences in its own name, extends the exploration term to 2033-07-06, and bars IE from other Saudi mining or exploration ventures without Maaden's consent while it remains a shareholder. Maaden takes over operatorship if a viable deposit is designated. [sec.gov: 8-K filed 2026-07-08, https://www.sec.gov/Archives/edgar/data/1879016/000110465926081472/tm2619969d1_8k.htm]
13. Where the new filings meet the carried view (stated as fact, no line changed). The carried position seed names "$1.24B build", a "$4.25/lb PFS base" and "production ~2028". The 2026-09-23 PFS reports $1,426M initial capital, a $4.75/lb price basis and production from mid-2029. The carried seed's catalyst "Final EXIM Bank financing commitment" is not reported as having happened in any filing read.

What held

• Santa Cruz is still described as an underground mine with heap leach and SX/EW producing cathode on site without smelting, entirely on private land, with a 1.4 Mt cathode life-of-mine total. [sec.gov: 8-K filed 2026-09-23, same URL]
• The funding structure is unchanged in the filings: the Bridge Facility is undrawn, the EXIM Letter of Interest is not yet a commitment, and the 10-Q again says additional financing will be needed after 12 months. [sec.gov: 10-Q filed 2026-08-07, same URL]
• The Q1 net income from the Alacrán sale did not repeat. Q2 was a $24.7M loss to common, and six-month net income to common remains positive only because of the Q1 gain. [sec.gov: 10-Q filed 2026-08-07, same URL]