1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
IE
Event Date
2022-06-28
IPO Date (Actual)
2022-06-22
Sector
Materials
Subsector
Metals & Mining
Offer Range
$11.75
Shares Offered
14.39M
92.89M
$1.1B
15.5%
Implied Upside vs Midpoint
Description
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 Canada Telephone Number:(604) 689-8765. We also maintain a website at www.ivanhoeelectric.com.
Ivanhoe Electric Inc. annual income statement and balance sheet, FY 2022 to FY 2025, as reported in SEC filings.
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $8.4M | $3.9M | $2.9M | $3.2M |
| Gross profit | $5.3M | $917K | $1.9M | $2.1M |
| Operating income | ($132M) | ($180M) | ($177M) | ($114M) |
| Net income | ($160M) | ($216M) | ($129M) | ($106M) |
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $260M | $487M | $375M | $483M |
| Total liabilities | $58.0M | $111M | $94.5M | $59.7M |
| Total equity | $202M | $376M | $280M | $424M |
| Cash & equivalents | $140M | $205M | $41.0M | $173M |