[Form 4] Marine Products Corp. Insider Trading Activity

Q: How much cash does Ivanhoe Electric (IE) have after Q2 2025?

IE reported US$88.1 million in cash and cash equivalents as of June 30 2025.

Q: What are the key economics of the Santa Cruz Copper Project PFS?

The PFS shows NPV8 US$1.4 billion, IRR 20%, 1.4 Mt copper cathode over 23 years and initial capex US$1.24 billion .

Q: Did Ivanhoe Electric reduce its quarterly loss in Q2 2025?

Yes. Net loss attributable to common shareholders fell to US$23.9 million from US$46.8 million in Q2 2024.

Q: Why did accounts receivable decline sharply?

VRB received the first US$10 million tranche from Red Sun for the VRB China sale; the second US$10 million is now due by Oct 31 2025.

Q: How long can current cash fund operations?

Management estimates the cash runway is at least 12 months ; a construction decision at Santa Cruz would accelerate funding needs.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Q2-25 snapshot: Ivanhoe Electric (IE) generated $1.1 million revenue (+98% YoY) from its data-processing subsidiary, yielding $0.8 million gross profit. Exploration spend dropped 62% to $14.1 million as Santa Cruz drilling wound down after the Preliminary Feasibility Study (PFS); G&A slid 9% to $9.7 million. Net loss to common shareholders narrowed 49% to $23.9 million ($0.18/sh); six-month loss fell 47% to $54.4 million.

Balance sheet: Cash & equivalents rose to $88.1 million from $41.0 million at year-end, driven by a $65.8 million February equity/warrant offering. Working capital improved to $77.1 million and equity to $310.8 million. Debt comprises a $38.1 million Santa Cruz land note (prime + 1%) and a $32.3 million VRB 8% convertible bond (matures Jul-26); total liabilities fell 5% to $89.7 million.

Project milestones: The June PFS for the Santa Cruz Copper Project projects 1.4 Mt copper cathode over 23 years with after-tax NPV₈ US$1.4 billion, 20% IRR and US$1.24 billion initial capex; financing talks are under way. Subsidiary Cordoba agreed to sell its remaining 50 % Alacrán stake to JCHX for up to US$128 million, contingent on EIA approval and shareholder vote. VRB’s buyer Red Sun missed a US$10 million installment; US$5 million is now expected by Aug-31 and US$5 million by Oct-31.

Outlook: Management believes current liquidity funds operations for ≥12 months; a construction decision at Santa Cruz would accelerate external financing needs.

Riepilogo Q2-25: Ivanhoe Electric (IE) ha generato un fatturato di 1,1 milioni di dollari (+98% su base annua) dalla sua controllata per l'elaborazione dati, con un utile lordo di 0,8 milioni di dollari. La spesa per l'esplorazione è diminuita del 62% a 14,1 milioni di dollari, poiché le perforazioni a Santa Cruz sono state ridotte dopo lo Studio di Fattibilità Preliminare (PFS); le spese generali e amministrative (G&A) sono scese del 9% a 9,7 milioni di dollari. La perdita netta attribuibile agli azionisti ordinari si è ridotta del 49% a 23,9 milioni di dollari (0,18 dollari per azione); la perdita semestrale è diminuita del 47% a 54,4 milioni di dollari.

Bilancio: La liquidità e gli equivalenti sono aumentati a 88,1 milioni di dollari da 41,0 milioni di fine anno, grazie a un'offerta azionaria/diritti di sottoscrizione da 65,8 milioni di dollari a febbraio. Il capitale circolante è migliorato a 77,1 milioni di dollari e il patrimonio netto a 310,8 milioni di dollari. Il debito comprende una nota sulla terra di Santa Cruz da 38,1 milioni di dollari (prime + 1%) e un'obbligazione convertibile VRB all'8% da 32,3 milioni di dollari (scadenza luglio 2026); le passività totali sono diminuite del 5% a 89,7 milioni di dollari.

Traguardi del progetto: Il PFS di giugno per il Progetto Rame Santa Cruz prevede 1,4 milioni di tonnellate di catodi di rame in 23 anni, con un valore attuale netto dopo tasse (NPV₈) di 1,4 miliardi di dollari, un IRR del 20% e un investimento iniziale di 1,24 miliardi di dollari; sono in corso trattative per il finanziamento. La controllata Cordoba ha accettato di vendere la sua restante partecipazione del 50% in Alacrán a JCHX per un massimo di 128 milioni di dollari, condizionata all'approvazione della Valutazione di Impatto Ambientale (EIA) e al voto degli azionisti. L'acquirente VRB, Red Sun, ha mancato un pagamento di 10 milioni di dollari; ora si prevede un versamento di 5 milioni entro il 31 agosto e altri 5 milioni entro il 31 ottobre.

Prospettive: La direzione ritiene che la liquidità attuale copra le operazioni per almeno 12 mesi; una decisione di costruzione a Santa Cruz accelererebbe la necessità di finanziamenti esterni.

Resumen Q2-25: Ivanhoe Electric (IE) generó ingresos de 1,1 millones de dólares (+98% interanual) a través de su subsidiaria de procesamiento de datos, con un beneficio bruto de 0,8 millones de dólares. El gasto en exploración se redujo un 62% hasta 14,1 millones de dólares, ya que la perforación en Santa Cruz disminuyó tras el Estudio de Factibilidad Preliminar (PFS); los gastos generales y administrativos (G&A) bajaron un 9% hasta 9,7 millones de dólares. La pérdida neta atribuible a los accionistas comunes se redujo un 49% hasta 23,9 millones de dólares (0,18 dólares por acción); la pérdida semestral cayó un 47% hasta 54,4 millones de dólares.

Balance: El efectivo y equivalentes aumentaron a 88,1 millones de dólares desde 41,0 millones a fin de año, impulsados por una oferta de acciones/bonos de 65,8 millones en febrero. El capital de trabajo mejoró a 77,1 millones de dólares y el patrimonio neto a 310,8 millones. La deuda incluye un pagaré de tierras de Santa Cruz por 38,1 millones de dólares (prime + 1%) y un bono convertible VRB al 8% por 32,3 millones (vence en julio de 2026); los pasivos totales disminuyeron un 5% a 89,7 millones de dólares.

Hitos del proyecto: El PFS de junio para el Proyecto de Cobre Santa Cruz proyecta 1,4 Mt de cátodos de cobre durante 23 años con un VAN después de impuestos (NPV₈) de 1,4 mil millones de dólares, una TIR del 20% y un CAPEX inicial de 1,24 mil millones; se están llevando a cabo negociaciones de financiamiento. La subsidiaria Córdoba acordó vender su participación restante del 50% en Alacrán a JCHX por hasta 128 millones de dólares, condicionado a la aprobación de la EIA y la votación de los accionistas. El comprador de VRB, Red Sun, no cumplió un pago de 10 millones; ahora se espera un pago de 5 millones para el 31 de agosto y 5 millones para el 31 de octubre.

Perspectivas: La dirección considera que la liquidez actual financia las operaciones por ≥12 meses; una decisión de construcción en Santa Cruz aceleraría la necesidad de financiamiento externo.

Résumé T2-25 : Ivanhoe Electric (IE) a généré un chiffre d'affaires de 1,1 million de dollars (+98 % en glissement annuel) via sa filiale de traitement des données, avec un bénéfice brut de 0,8 million de dollars. Les dépenses d'exploration ont chuté de 62 % à 14,1 millions de dollars, la phase de forage à Santa Cruz ayant ralenti après l'étude de faisabilité préliminaire (PFS) ; les frais généraux et administratifs (G&A) ont diminué de 9 % à 9,7 millions de dollars. La perte nette attribuable aux actionnaires ordinaires s'est réduite de 49 % à 23,9 millions de dollars (0,18 $/action) ; la perte semestrielle a diminué de 47 % à 54,4 millions de dollars.

Bilan : La trésorerie et les équivalents ont augmenté, passant de 41,0 millions de dollars en fin d'année à 88,1 millions de dollars, grâce à une émission d'actions/bons de souscription de 65,8 millions en février. Le fonds de roulement s'est amélioré à 77,1 millions de dollars et les capitaux propres à 310,8 millions. La dette comprend une note foncière Santa Cruz de 38,1 millions de dollars (prime + 1 %) et une obligation convertible VRB à 8 % de 32,3 millions (échéance juillet 2026) ; le passif total a diminué de 5 % à 89,7 millions de dollars.

Étapes du projet : Le PFS de juin pour le projet cuivre Santa Cruz prévoit 1,4 Mt de cathodes de cuivre sur 23 ans, avec une VAN après impôts (NPV₈) de 1,4 milliard de dollars, un TRI de 20 % et un CAPEX initial de 1,24 milliard ; les négociations de financement sont en cours. La filiale Cordoba a accepté de vendre sa participation restante de 50 % dans Alacrán à JCHX pour un maximum de 128 millions de dollars, sous réserve de l'approbation de l'Évaluation d'Impact Environnemental (EIA) et du vote des actionnaires. L'acheteur de VRB, Red Sun, a manqué un versement de 10 millions de dollars ; 5 millions sont désormais attendus d'ici le 31 août et 5 millions d'ici le 31 octobre.

Perspectives : La direction estime que la liquidité actuelle finance les opérations pour ≥12 mois ; une décision de construction à Santa Cruz accélérerait les besoins de financement externe.

Q2-25 Überblick: Ivanhoe Electric (IE) erzielte 1,1 Millionen US-Dollar Umsatz (+98 % im Jahresvergleich) durch seine Datenverarbeitungstochter, was einen Bruttogewinn von 0,8 Millionen US-Dollar ergab. Die Explorationsausgaben sanken um 62 % auf 14,1 Millionen US-Dollar, da die Bohrungen in Santa Cruz nach der Vorläufigen Machbarkeitsstudie (PFS) zurückgefahren wurden; die allgemeinen Verwaltungsaufwendungen (G&A) fielen um 9 % auf 9,7 Millionen US-Dollar. Der Nettoverlust für Stammaktionäre verringerte sich um 49 % auf 23,9 Millionen US-Dollar (0,18 US-Dollar je Aktie); der Halbjahresverlust sank um 47 % auf 54,4 Millionen US-Dollar.

Bilanz: Zahlungsmittel und Zahlungsmitteläquivalente stiegen von 41,0 Millionen US-Dollar zum Jahresende auf 88,1 Millionen US-Dollar, bedingt durch ein Aktien-/Warrant-Angebot im Februar in Höhe von 65,8 Millionen US-Dollar. Das Working Capital verbesserte sich auf 77,1 Millionen US-Dollar und das Eigenkapital auf 310,8 Millionen US-Dollar. Die Schulden umfassen eine Santa-Cruz-Landnote über 38,1 Millionen US-Dollar (Prime + 1 %) und eine VRB 8 % Wandelanleihe über 32,3 Millionen US-Dollar (Fälligkeit Juli 2026); die Gesamtverbindlichkeiten sanken um 5 % auf 89,7 Millionen US-Dollar.

Projektmeilensteine: Die Juni-PFS für das Santa-Cruz-Kupferprojekt prognostiziert 1,4 Mio. t Kupferkathoden über 23 Jahre mit einem nach Steuern berechneten Kapitalwert (NPV₈) von 1,4 Mrd. US-Dollar, einer IRR von 20 % und anfänglichen Investitionskosten von 1,24 Mrd. US-Dollar; Finanzierungsverhandlungen laufen. Die Tochtergesellschaft Cordoba stimmte dem Verkauf ihres verbleibenden 50 % Alacrán-Anteils an JCHX für bis zu 128 Mio. US-Dollar zu, abhängig von der Genehmigung der Umweltverträglichkeitsprüfung (EIA) und der Zustimmung der Aktionäre. Der Käufer der VRB, Red Sun, verpasste eine Zahlung in Höhe von 10 Mio. US-Dollar; nun werden 5 Mio. US-Dollar bis zum 31. August und weitere 5 Mio. US-Dollar bis zum 31. Oktober erwartet.

Ausblick: Das Management ist der Ansicht, dass die aktuelle Liquidität die Geschäftstätigkeit für ≥12 Monate finanziert; eine Bauentscheidung in Santa Cruz würde den Bedarf an externer Finanzierung beschleunigen.

Positive

Net loss reduced ~49% YoY, reflecting lower exploration and G&A spending.
Cash & equivalents more than doubled to US$88.1 million after a US$65.8 million equity raise, boosting 12-month liquidity.
Santa Cruz PFS delivers attractive economics (NPV₈ US$1.4 bn, 20% IRR) and provides a clear development roadmap.
Proposed US$128 million Alacrán divestiture could add significant non-dilutive funding.
Exploration expenses down 63% YTD, demonstrating cost control.

Negative

Company remains pre-revenue; H1-25 sales of US$1.8 million cover only 2% of operating loss.
US$1.24 billion capex requirement for Santa Cruz exceeds current liquidity, creating substantial financing risk.
Outstanding debts: US$38.1 million land note and US$32.3 million convertible bond mature within five years.
Red Sun defaulted on a US$10 million payment owed to VRB, signalling collection and JV counterparty risk.
Impairment charge of US$2.6 million on non-core property indicates asset write-down risk.

Insights

TL;DR: Losses shrinking, cash rebuilt, PFS derisks flagship asset but billion-dollar capex keeps valuation hinge on future funding.

Quarterly loss halved as exploration spend normalized post-PFS, highlighting management’s discipline. The US$88 million cash pile, augmented by February’s unit financing, provides a year of runway to progress permitting and project finance workstreams. Santa Cruz economics (NPV8 US$1.4 bn vs current market cap ~US$1 bn) underline value creation potential, though the US$1.24 bn initial capex is a material hurdle. Sale of Alacrán could add up to US$100 million net, offering optionality without equity dilution. Nevertheless, revenue remains immaterial and the missed VRB China payment underscores counter-party risk. Overall, the filing is strategically positive but financially neutral until project funding clarity emerges.

TL;DR: Early-stage issuer still cash-burning; large capex, debt maturities and payment default keep risk profile elevated.

IE trimmed liabilities but retains US$70 million of debt, including a land note with US$36 million due over three years and a convertible bond maturing in 2026. Project execution risk is high: Santa Cruz needs >14× current cash to build. Dependence on equity markets and government/strategic backing is acute. The Alacrán sale faces permitting and shareholder contingencies, while the US$10 million Red Sun arrears highlight collection uncertainty. Foreign JV losses widened to US$7.2 million, and impairment signals ongoing portfolio pruning. Despite improved cash, I view overall disclosure as credit-neutral to slightly negative pending funding visibility.

Prospettive: La direzione ritiene che la liquidità attuale copra le operazioni per almeno 12 mesi; una decisione di costruzione a Santa Cruz accelererebbe la necessità di finanziamenti esterni.

08/05/2025 - 04:29 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kolstad Gary A

(Last)

(First)

(Middle)

2801 BUFORD HIGHWAY

NE SUITE 300

(Street)

ATLANTA

30329

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MARINE PRODUCTS CORP [ MPX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $.10 Par Value	08/01/2025		A		4,651	A	⁽¹⁾	4,651	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents 4,651 shares granted as part of equity compensation that vest immediately.

	/s/ Gary A Kolstad	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How much cash does Ivanhoe Electric (IE) have after Q2 2025?

IE reported US$88.1 million in cash and cash equivalents as of June 30 2025.

What are the key economics of the Santa Cruz Copper Project PFS?

The PFS shows NPV8 US$1.4 billion, IRR 20%, 1.4 Mt copper cathode over 23 years and initial capex US$1.24 billion.

Did Ivanhoe Electric reduce its quarterly loss in Q2 2025?

Yes. Net loss attributable to common shareholders fell to US$23.9 million from US$46.8 million in Q2 2024.

What is the status of the Alacrán Copper Project sale?

Cordoba agreed to sell its remaining 50 % interest to JCHX for up to US$128 million, pending EIA approval and shareholder vote.

Why did accounts receivable decline sharply?

VRB received the first US$10 million tranche from Red Sun for the VRB China sale; the second US$10 million is now due by Oct 31 2025.

How long can current cash fund operations?

Management estimates the cash runway is at least 12 months; a construction decision at Santa Cruz would accelerate funding needs.

[Form 4] Marine Products Corp. Insider Trading Activity

Insights

FAQ

How much cash does Ivanhoe Electric (IE) have after Q2 2025?

What are the key economics of the Santa Cruz Copper Project PFS?

Did Ivanhoe Electric reduce its quarterly loss in Q2 2025?

What is the status of the Alacrán Copper Project sale?

Why did accounts receivable decline sharply?

How long can current cash fund operations?

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[Form 4] Marine Products Corp. Insider Trading Activity

Insights

Mining Equity Analyst neutral

Corporate Risk Analyst negative

FAQ

How much cash does Ivanhoe Electric (IE) have after Q2 2025?

What are the key economics of the Santa Cruz Copper Project PFS?

Did Ivanhoe Electric reduce its quarterly loss in Q2 2025?

What is the status of the Alacrán Copper Project sale?

Why did accounts receivable decline sharply?

How long can current cash fund operations?

NYSE:MPX

MPX Rankings

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MPX Latest SEC Filings

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