IE — what changed in the latest 10-Q
A section-by-section comparison of IE's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +42 | −56 | ~19 | 19 |
| Market risk (Item 3) | Text added/removed | +4 | −5 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | Text added/removed | +2 | −1 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
including impacts to the availability of our workforce, government orders that may require temporary suspension of operations, and the global economy; and we may be adversely affected by tariff and trade actions.
We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in t…
Through the advancement of our portfolio of critical metals exploration and development projects, headlined by the Santa Cruz Copper Project in Arizona, we intend to contribute to domestic supply by developing resources that support industrial and strategic sectors. We also operate a 50/50 joint ven…
Our other mineral projects in the United States include the Tintic Project, located in Utah, the Hog Heaven Copper-Silver-Gold Project, located in Montana, the Bristol Project located in Nevada, and the Gleeson, Lomitas Negras, Globe-Miami and Perseverance Projects in Arizona.
In addition to our mineral projects, we also own a 90.0% controlling interest in VRB Energy Inc. ("VRB Energy"), which itself owns 100% of VRB Energy USA Inc. ("VRB USA"), an Arizona-based developer of advanced grid-scale energy storage systems utilizing vanadium redox flow batteries for integration…
Text removed vs the prior filing · source: 10-Q · 2025-11-05
operations; our current and future exploration and mining activities may be adversely affected by increased and excessive heating owing to climate change, including increased risk and occurrence of forest fire which may adversely affect the timing and scope of our exploration operations; and our cur…
We are a United States domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. We seek to support American supply chain independence by finding and delivering copper and other critical metals vital to advanced manufactur…
In addition to our mineral projects, we also own a 90.0% controlling interest in VRB Energy Inc. (“VRB”) which itself owns 100% of VRB Energy USA Inc. ("VRB USA"), an Arizona-based developer of advanced grid-scale energy storage systems utilizing vanadium redox flow batteries for integration with re…
Our other mineral projects in the United States include the Tintic Project, located in Utah, the Hog Heaven Copper-Silver-Gold Project, located in Montana and the Gleeson Project, located in Arizona. We also hold a portfolio of exploration projects in the western United States, including projects in…
References to our mineral projects refers to our interests in such projects which may be a direct ownership interest in mineral titles (including through subsidiary entities), a right to acquire mineral titles through an earn-in or option agreement, or, in the case of our investments in publicly lis…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
Variable-rate debt. Our variable-rate debt at March 31, 2026 was $nil. However, we have an undrawn $200.0 million Bridge Facility at March 31, 2026, related to the Santa Cruz Copper Project, which if drawn will have an interest rate equal to the secured overnight financing rate plus 5.0%.
Our functional currency is the U.S. dollar. The majority of our expenditure is incurred in U.S. dollars at our exploration projects located in the United States and are not subject to foreign currency risk. Outside of the United States, we are subject to foreign currency risk when we undertake trans…
The carrying amounts of our Canadian dollar denominated monetary assets and liabilities at March 31, 2026 are as follows:
As at March 31, 2026, a 10% depreciation or appreciation of the Canadian dollar against the U.S. dollar would have resulted in an approximate $0.5 million increase or decrease in the Company’s net income for the three months ended March 31, 2026.
Text removed vs the prior filing · source: 10-Q · 2025-11-05
Variable-rate debt. Our variable-rate debt at September 30, 2025 consists of a secured promissory note issued in connection with the acquisition of land at our Santa Cruz Copper Project. The promissory note has an annual interest rate of U.S. prime plus 1%. As at September 30, 2025, three installmen…
We performed a sensitivity analysis to estimate the impact to interest expense, arising from a 100 basis points adverse movement to the prime rate for the three months ended September 30, 2025 and nine months ended September 30, 2025. The sensitivity analysis indicated that a hypothetical 100 basis …
Our functional currency is the U.S. dollar. The majority of our expenditure is incurred in U.S. dollars at our exploration projects located in the United States and are not subject to foreign currency risk. Outside of the United States, we are subject to foreign currency risk when we undertake trans…
The carrying amounts of our Colombian Pesos and Canadian dollar denominated monetary assets and liabilities at September 30, 2025 are as follows:
As at September 30, 2025, a 10% depreciation or appreciation of these foreign currencies against the U.S. dollar would have resulted in an approximate $0.1 million decrease or increase in the Company’s net loss for the nine months ended September 30, 2025.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-07
Our subsidiary Cordoba was the parent of two subsidiaries that are currently involved in two legal proceedings. The first is a criminal lawsuit filed by Cordoba’s subsidiary Minerales Cordoba S.A.S ("Minerales") in late 2018 and in January 2019 with the Colombian prosecutors against certain former l…
As a result of Cordoba’s sale of Cordoba Minerales S.A.S and Exploradora Cordoba S.A.S, effective March 5, 2026, we no longer have any interest in the Cordoba entities involved in the legal proceedings or any involvement in the legal proceedings.
Text removed vs the prior filing · source: 10-Q · 2025-11-05
Our subsidiary Cordoba is currently involved in two legal proceedings. The first is a criminal lawsuit filed by Cordoba in late 2018 and in January 2019 with the Colombian prosecutors against nine members of former Colombian management alleging breach of fiduciary obligations, abuse of trust, theft …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice