IE
Ivanhoe Electric Inc.

Ivanhoe Electric Inc.IE

Basic Materials · Copper
7.58USD
+7.82%
Nov 08, 2026
IE overview ready
Developer Advancing Domestic Copper Mine Construction in Arizona
Single-asset copper developer advancing the Santa Cruz underground copper project in Arizona toward construction and financing; it is intended to produce refined copper cathode in the United States rather than merely supplying exploration services.
Primary theme is lagging
Critical Materials is lagging (-15.2pp vs SPY over 21 sessions; 0 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Low free cash flow yield
Free cash flow yield is weak.
Primary risk
Project financing and permitting delays.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 8

Conviction Level

PriceAction1.4BusinessPerformance—BusinessQuality—Valuation0.3ThemeMomentum1.0A revenue trend needs at least three unbroken comparable quarters, so none is read here.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−15.2pp
Theme return
−20.2%
Beating SPY
0 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$1.2B
Avg Volume (60D)
2.5M
60 sessions
Revenue Growth YoY
+11.8%
FY2025 vs FY2024
Gross Margin
+59.0%
Trailing twelve months
Operating Margin
+285.9%
Trailing twelve months
Free Cash Flow Yield
-9.7%
Distance from 200DMA
-36.0%
P/E
N/M
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Insufficient evidence

A revenue trend needs at least three unbroken comparable quarters, so none is read here.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthNot enough data
$708K
$708K in Q3 FY2026 · no comparable year-ago quarter
YoY growth, last 4 quarters
  1. -33%
  2. n/a
  3. -32%
  4. n/a
Earnings growthLoss widening
-$30.8M
Net income -$30.8M. No comparable quarterly EPS is available.
Not enough comparable diluted EPS quarters for a YoY sequence.
Operating marginNot enough data
—
No year-ago comparison

Business Quality

Not assessed

Not assessed yet — the business is too early-stage for its economics to show in filings.

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads expensive.
Ivanhoe Electric Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. The business behind it shows negative free cash flow.

Company Research

Thesis
Single-asset copper developer advancing the Santa Cruz underground copper project in Arizona toward construction and financing; it is intended to produce refined copper cathode in the United States rather than merely supplying exploration services. IE is a direct, high-beta exposure to the development of a new U.S.
Opportunity
Moderate opportunity
Development, financing, permitting, construction, and commissioning of new North American copper mines that increase secure domestic supply for electrification, grid infrastructure, defense, and industrial demand.
Key risk
Project financing and permitting delays.

Economic classification

Loading the economic classification…

Business & Markets

Basic Materials · Copper
What they do

Ivanhoe Electric Inc. explores and develops mineral deposits, primarily copper, in the United States, Canada, and China, focusing on advancing its flagship Santa Cruz copper project in Arizona toward production.

How it earns

Project-based revenue generated through development and eventual sale or production of refined copper products.

Products & services
Copper exploration and development
Refined copper cathode production
Customers & end markets
Electrification and grid infrastructure industries
Defense and industrial sectors requiring domestic copper supply
Market position

Niche single-asset copper developer focused on domestic U.S. Copper production.

Demand drivers
High cyclicality

Copper demand and prices are sensitive to global economic cycles and industrial demand fluctuations.