Ivanhoe Electric Inc. reported a net loss of $128.6 million for the fiscal year ending December 31, 2024, a decrease from the $199.4 million loss recorded in 2023. The loss per share was $1.07, compared to $1.95 in the previous year. The company generated revenue of $2.9 million, down from $3.9 million in 2023, primarily from its technology businesses, including data processing services and energy storage systems. Exploration expenses increased slightly to $130.9 million, driven by ongoing activities at the Santa Cruz Project in Arizona, which accounted for $72.4 million of the total exploration costs.
Significant strategic developments included the completion of a $50.7 million gain from the disposal of a subsidiary, VRB China, and the acquisition of 100% ownership in Kaizen Discovery Inc. This acquisition, finalized in February 2024, enhances Ivanhoe Electric's portfolio in the mining sector. Additionally, the company entered into an Exploration Alliance Agreement with BHP Mineral Resources Inc. in May 2024, aimed at exploring critical minerals in the United States, with BHP providing initial funding of $15 million.
Operationally, Ivanhoe Electric is advancing its Santa Cruz Project, which is focused on developing a high-grade underground copper mining operation. The Initial Assessment for this project estimates a life of mine copper production of 1.6 million tonnes over a 20-year period, with projected cash costs of $1.36 per pound of copper produced. The company is also engaged in various exploration activities across its other projects, including the Tintic Project in Utah and the Hog Heaven Project in Montana.
As of December 31, 2024, Ivanhoe Electric had total assets of $374.9 million and cash and cash equivalents of $41 million. The company has been actively managing its capital structure, including a recent public offering that raised approximately $66 million, which will be used for further exploration and development activities. The company anticipates needing additional financing in the future to support its ongoing projects and operations.
Looking ahead, Ivanhoe Electric plans to complete a Preliminary Feasibility Study for the Santa Cruz Project by mid-2025, which will incorporate updated resource estimates and further technical studies. The company remains focused on advancing its exploration projects while navigating the challenges of the mining industry, including fluctuating commodity prices and regulatory requirements.
About Ivanhoe Electric Inc.
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