Santa Cruz Copper Project

Ivanhoe Electric — Arizona, USA · Copper (cathode) · NI 43-101 FS · delivered July 2026
Report after-tax NPV(8%)US$1,376M
Independently rebuilt after-tax NPV(8%)US$1,361M
Variance vs report−1.1% (deliberate, decomposed)

What the rebuild surfaced. The rebuild found the report's published cash-flow table does not reproduce its own headline pre-tax NPV, and its closure line disagrees with its capital table — proven by cross-footing the report against itself. Our variance is deliberately held and decomposed rather than forced to tie.

Rebuilt economic modelExcel · formula-driven · every input footnoted · sensitivity dashboard · subscriber download
Investor memo10 pages · PDF · subscriber download

Downloads are delivered through the subscriber portal at launch. Two complete free sample sets are available in the library.

The first issue is free to everyone on the launch list

Join the list and you will receive the first full publication — the rebuilt Excel model and the ten-page investor memo — by email, free, when it releases. Founding subscriptions open afterwards for continued access to new analyses and the library. Founding subscriptions from US$99/month (launch pricing to be confirmed).