Investment Q&A

IE currently has a minimal revenue base ($3M), losses and negative cash flow. Ivanhoe Electric (IE) is a U.S.-based copper‑focused exploration and development company that combines mineral assets with proprietary geophysical technology and a vanadium battery business, with its flagship Santa Cruz copper project in Arizona moving toward development. 

A June 2025 PFS outlines an underground mine using a heap‑leach process to produce 99.99% copper cathode over a 23‑year mine life, designed as a modern, relatively compact operation (<2,600‑acre surface footprint) with capacity for an on‑site solar and battery installation (~900 acres). Construction is expected to start this year but production is not expected until late 2028. IE stock has done very well with the copper rally. It is fairly expensive but stocks often get re-rated as they move closer to production.

LUNR please see this recent answer. 

NGEX is also a developer, with no sales, losses and negative cash flow. It has $132M cash. It is a Vancouver-based copper-gold exploration company focused on high-grade projects in South America's Vicuña District. It owns 100% of the Lunahuasi copper-gold-silver deposit in Argentina and a majority interest in the large-scale Los Helados copper-gold porphyry in Chile. Phase 3/4 drilling at Lunahuasi started late 2024, expanded to 8 rigs by early 2026 with standout high-grade hits confirming scale and a new porphyry system. Q3 2025 results emphasized Lunahuasi focus post-financing. Analysts see upside to C$35/share. No specific production timeline has been given. Production timelines typically follow initial resource estimates (expected post-2026 for Lunahuasi), then PEA/PFS (2-3 years), permitting, and construction (5-10 years total from now, potentially 2032+). The stock is reasonably priced, but the longer timeframe makes it riskier than average. 

Our rank would be: LUNR, NGEX, IE