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Ivanhoe Electric Inc. (IE-1.74%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss attributable to common stockholders of $43.2 million, compared to a net loss of $77.9 million in the same quarter the previous year.
Exploration expenses for the quarter were $30.5 million, down from $34.2 million in the previous year, with significant expenditures focused on the Santa Cruz Project and the Tintic Project.
Revenue for the quarter was $0.7 million, an increase from $0.2 million in the previous year, primarily from CGI's data processing services.
General and administrative expenses decreased to $10.9 million from $11.4 million, largely due to a reduction in stock-based compensation expenses.
The company reported a gross profit of $0.4 million for the quarter, compared to a gross loss of $0.04 million in the previous year.
Cash used in operating activities was $131.4 million for the nine months ended September 30, 2024, compared to $107.0 million in the previous year.
Ivanhoe Electric had cash and cash equivalents of $81.1 million as of September 30, 2024, down from $205.0 million at the end of 2023.
The filing also details the company's joint venture with BHP Mineral Resources Inc. (BHP+1.14%) and the formation of a new joint venture in China with Shanxi Red Sun Co., Ltd.
Ivanhoe Electric continues to focus on its critical metals exploration projects, with an emphasis on copper and other metals necessary for electrification.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ivanhoe Electric Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.