Ivanhoe Electric Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, Ivanhoe Electric generated revenue of $671,000, a notable increase from $239,000 in the same period of 2023. For the nine-month period, revenue decreased to $1,569,000 from $2,232,000 year-over-year. The gross profit for the third quarter was $415,000, a substantial improvement from a loss of $36,000 in Q3 2023, while gross profit for the nine months rose to $1,021,000 from $517,000.

Despite the revenue growth in Q3, the company reported a loss from operations of $41.8 million, down from $47.0 million in Q3 2023. The net loss for the third quarter was $47.1 million, significantly reduced from $83.3 million in the prior year. For the nine months, the net loss was $158.7 million, slightly improved from $166.7 million in 2023. The net loss per share attributable to common stockholders decreased to $0.36 from $0.74 in Q3 2023.

Ivanhoe Electric's cash and cash equivalents as of September 30, 2024, stood at $81.1 million, a decline from $205.0 million at the end of 2023. Total assets decreased to $375.4 million from $487.2 million, while total equity fell to $260.3 million from $376.3 million. The accumulated deficit increased to $(547.0 million) from $(401.5 million).

Strategically, the company has made several key moves, including the acquisition of Sama Nickel Corporation, increasing its ownership to 60%, and the completion of a $10 million payment for mineral rights at the Santa Cruz project. Additionally, Ivanhoe Electric entered into an Exploration Alliance Agreement with BHP Mineral Resources Inc. for copper exploration, with BHP providing initial funding of $15 million.

Exploration expenditures for the nine months totaled $111.4 million, up from $93.3 million in the same period of 2023, with the Santa Cruz project accounting for $63.5 million of this expenditure. The company also reported a decrease in general and administrative expenses, which were $34.2 million for the nine months, consistent with the previous year.

Overall, Ivanhoe Electric continues to focus on advanced mineral exploration technologies, particularly in copper and electric metals, while navigating financial challenges and strategic growth opportunities.