Ivanhoe Electric is a U.S.-focused copper exploration and development company with no mines in production. Its core asset is the Santa Cruz Copper Project in Pinal County, Arizona — an underground copper mine that Ivanhoe Electric plans to build and operate. Santa Cruz would produce copper cathode via a heap leach and SX/EW process over a 23-year mine life, with peak production of ~72,000 tonnes per year for the first 15 years. The June 2025 Preliminary Feasibility Study pegs initial capital at $1.24B, a C1 cash cost of $1.32/lb, and an after-tax IRR of 20% at $4.25/lb copper. The project sits on private land in Arizona, which Ivanhoe Electric argues shortens permitting timelines versus federal land projects. A $200M bridge facility was closed in late 2025, but full construction will require significantly more financing. Beyond Santa Cruz, Ivanhoe Electric holds a portfolio of earlier-stage exploration assets in the U.S. (Utah, Montana, Arizona), Saudi Arabia, Chile, Colombia, and Ivory Coast, none of which are in production. A key differentiator is Ivanhoe Electric's proprietary Typhoon geophysical survey technology, which uses high-powered electrical pulses to detect sulfide minerals at depths exceeding 1.5 km — deeper than conventional systems can reach. Typhoon was the tool that identified Santa Cruz and is deployed across Ivanhoe Electric's JVs with BHP, Saudi state miner Maaden, and SQM. CGI, a 94.3%-owned subsidiary, processes Typhoon data and also generates modest fee-for-service revenue from third-party mining and energy clients.