Ivanhoe Mines drilling doubles the size of Makoko-Kitoko copper discoveries in the Western Forelands in 18 months ■ Makoko District alone ranks as highest-grade and fifth largest new copper discovery of past decade globally; mineralization
May 14, 2023
Ivanhoe Mines drilling doubles the size of Makoko-Kitoko
copper discoveries in the Western Forelands in 18 months
■
Makoko District alone ranks as highest-grade and fifth largest
new copper discovery of past decade globally; mineralization
remains open in multiple directions
■
Makoko District Indicated Mineral Resources now 27.7 million
tonnes at 2.79% copper plus Inferred Mineral Resources of
493.7 million tonnes of ore at 1.70% copper, using a 1.0%
copper cut-off
■
Ivanhoe has now discovered 38.9 million tonnes of contained
copper in Measured & Indicated Resources and a further 13.6
million tonnes in Inferred Resources across the Western
Forelands shelf, including Kamoa and Kakula, using a 1.0%
copper cut-off
■
Western Forelands shelf, including Kamoa-Kakula, ranks as
the world’s largest copper district discovered in at least the
past two decades
■
Drilling in the Western Forelands to advance at record pace
over remainder of 2025; drill results to be included in updated
Mineral Resource estimate next year
■
Ivanhoe’s track record of discovering high-grade copper at a
1% cut-off in the Western Forelands is the best in the world at
a cost of less than $0.01 per pound of copper
KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN;
OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief
Executive Officer Marna Cloete are pleased to announce the independently
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verified, updated Mineral Resource estimate for the Makoko District within
Ivanhoe’s 54%-to-100% owned Western Forelands Exploration Project.
The Western Forelands Exploration Project consists of a licence package covering
2,393 square kilometres adjacent to the Kamoa-Kakula Copper Complex in the
Democratic Republic of the Congo (DRC). The area of the Western Forelands
licence package is approximately six times larger than that of the Kamoa-Kakula
Copper Complex.
Since the maiden Mineral Resource on Makoko and Kiala was announced on
November 13, 2023, more than 86,000 metres of diamond drilling were completed
in the Western Forelands up to February 2025. Drilling was primarily focused on
the Makoko, Makoko West, and Kitoko discoveries, now collectively referred to as
the Makoko District. Since November 2023, the Makoko District has increased by 2
kilometres to 13 kilometres in strike length, and the total contained copper has
approximately doubled.
Watch a new video visualizing the Mineral Resource update of the
Makoko District:
https://vimeo.com/1084134270/2e067f95e4?ts=0&share=copy
Ivanhoe Founder and Executive Co-Chairman Robert Friedland commented:
“We deeply appreciate the achievements of our geological team in doubling the
size of the Makoko resource in the past 18 months. The Makoko District remains
open in multiple directions, offering significant opportunities for further
expansion. Based on our historical experience in the Western Forelands, these
high-grade sedimentary copper systems convert very high percentages of Inferred
Resources to the Indicated category as the drilling density increases. We have full
confidence that the coming years, particularly 2025, will herald unprecedented
progress, marked by record metres drilled and new horizons explored.
"Very few of our mining industry peers are actively searching for new copper
discoveries… and even fewer are searching in the right places. The scarcity of
high-quality, undeveloped copper resources is becoming increasingly evident…
and the ongoing supply shortage in the copper concentrate market will do nothing
but grow. To date, Ivanhoe has delineated more than 20 billion pounds of copper
in the Western Forelands, outside of Kamoa-Kakula, at a high cut-off grade of 1%,
and we are just beginning to unlock this region’s vast potential.
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"The Western Forelands is the world’s richest copper basin, and the Democratic
Republic of the Congo, the world’s second largest copper producer, stands
unmatched as the premier destination for building new copper mines.
Other locations, such as low-grade, high-altitude porphyry deposits in Andes
Mountains, face capital intensities exceeding $30,000 per tonne, resulting in much
lower returns on invested capital. The Democratic Republic of the Congo sets the
benchmark for capital efficiency when it comes to new copper mines… there is no
ice… nor snow… the endowment is high grade… the topography is flat… and the
rail connection goes directly to the Ocean. Kamoa-Kakula’s phased development
was completed ahead of schedule and on budget, achieving an industry-leading
capital intensity of just $7,000 per tonne of greenfield copper production. This
achievement is a testament to both the DRC’s exceptional potential and Kamoa-
Kakula's operational excellence.
“Copper has become the defining strategic metal of the 21st century, and the world
is critically unprepared for the rising, unstoppable demand for copper metal. At
Ivanhoe Mines, we are dedicated to building the next generation of copper mines…
and they will be in the Western Forelands.”
Ivanhoe Mines’ Chief Operating Officer, Mark Farren, commented:
“Although the Western Forelands is a greenfield discovery, building a mine there
is in many ways more typical of a brownfield project. Before we started building
Kamoa-Kakula’s Phase 1 mine, we had to establish power infrastructure, establish
road and rail logistics, we had to find and train a team to build and deliver the mine
on budget and ahead of schedule. We now have all of this infrastructure in place
that will help us build our next mine next door in the Western Forelands. These
attributes could even lower the cut-off grade of what is possible to mine
economically.
“The scale of the Western Forelands unlocks efficiencies that few jurisdictions can
match — and with the resource still open in multiple directions, the long-term
potential here is truly world-class.”
Makoko District ranks as the world’s fifth largest copper discovery
since Kakula in 2015
The Makoko discovery was first discovered in 2018 when drilling intersected flat-
lying, sedimentary-hosted copper mineralization geologically similar, and at
comparable depths to the nearby Kamoa and Kakula orebodies. Subsequent
drilling has delineated a continuously mineralized region, now called the Makoko
District, joining the three discoveries of Makoko, Makoko West, and Kitoko, as
shown in Figures 3 and 4.
Copper mineralization in the Makoko District currently spans a corridor at least 13
kilometres in length and between 1.7 kilometres and 5.8 kilometres wide. The
eastern edge of the Makoko District is situated approximately 10 kilometres from
the western edge of Kakula. Mineralization remains open to the northeast and
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downdip of the current footprint, with a high potential for further resource
expansion.
There is abundant deposition of copper across the Makoko District, with
approximately two-thirds of holes drilled intersecting copper. In addition, there are
higher-grade sub-zones at Makoko, Makoko West, and Kitoko, which mirror the
style of mineralization of the Kamoa orebody that feeds the Phase 3 concentrator
and will feed the future Phase 4 concentrator. The highest-grade section of the
Makoko deposit occurs between 300 and 600 metres in depth and coincides with
the Indicated Resource area shown in Table 1.
Figure 1: The Makoko District ranks as the world’s highest-grade and fifth-
largest copper discovery of the past decade. Ivanhoe’s geologists have
discovered a total of 52.5 million tonnes (115.7 billion pounds) of contained
copper in the Western Foreland shelf, including Kamoa-Kakula.
Source: Company filings, S&P Global Market Intelligence.
Notes: Chart ranks all other new copper discoveries made since 2015 based on contained copper in
resources on a 100% basis. Kamoa-Kakula Copper Complex consists of the deposits of Kamoa
(discovered in 2008) and Kakula (discovered in 2015). Vicuña consists of the deposits of Filo Del Sol and
Josemaria. Information based on public disclosure as of May 9, 2025. Mineral Resources estimates for the
Western Forelands include the Makoko District (consisting of Makoko, Makoko West, Kitoko) and Kiala at a
1.0% cut-off grade. Data has not been reviewed by S&P Global.
--
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
--
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Copper Grade in Resources (%)
Contained Copper in Resources (Mt)
Contained, M&I
Contained, Inferred
Grade, M&I (%)
Grade, Inferred (%)
Grade, M&I Ivanhoe (%)
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The updated Mineral Resource estimate for the Makoko District is based on the
results of 147,000 metres drilled in 311 holes, of which 86,000 metres in 123 holes
have been added since the maiden Mineral Resource was announced in November
2023. The total area of the updated Mineral Resource has increased by 37.4 square
kilometres, with the Indicated Resource covering 1.6 square kilometres and the
Inferred Resource covering 57 square kilometres. The average dip of the
mineralized zone in the Mineral Resource is between 11 and 18 degrees, dipping to
the southeast.
Highlights of the interim, updated Mineral Resource estimate for the Makoko
District, prepared by Ivanhoe Mines under the direction of the MSA Group (MSA) of
Johannesburg, South Africa, in accordance with the 2014 CIM Definition Standards
for Mineral Resources and Mineral Reserves:
■ Indicated Resources total 27.7 million tonnes at a grade of 2.79% copper,
containing 773,000 tonnes (1.7 billion pounds) of copper at a 1% copper cut-
off. At a higher 1.5% copper cut-off, Indicated Resources total 25.3 million
tonnes at a grade of 2.93% copper, containing 741,000 tonnes (1.6 billion
pounds) of copper.
■ Inferred Resources total 494 million tonnes at a grade of 1.70% copper,
containing 8.38 million tonnes (18.4 billion pounds) of copper, at a 1%
copper cut-off. At a higher 1.5% copper cut-off, Inferred Resources total 221
million tonnes at a grade of 2.23% copper, containing 4.93 million tonnes
(10.9 billion pounds) of copper.
The Makoko Mineral Resource estimate was prepared by Ivanhoe Mines under the
direction of Jeremy Witley of the MSA Group. Mr. Witley is the Qualified Person for
the estimate and is considered independent of Ivanhoe for the purpose of NI 43-
101. The Makoko Mineral Resource estimate has an effective date of May 1, 2025.
The Makoko District spans a mineralized strike length of 13 kilometres, with the
Kitoko area extending laterally down-dip, to the southeast for approximately six
kilometres. The stratiform copper lies close to surface along the western edge of
Makoko and Makoko West, dipping down towards the southeast to Kitoko.
Mineralization depth from surface ranges from 200 metres to as deep as 1,250
metres.
The highest-grade zone at Makoko lies between 400 and 700 metres below surface
and coincides with the Indicated Resource area, which has been drilled on a 200-
metre by 200-metre grid. A second, sub-parallel zone of shallower mineralization
occurs up-dip across a strike extent of approximately 11 kilometres. Closer-
spaced drilling in 2023 connected these two zones, allowing the entire area to be
classified in the Inferred category of the 2025 Mineral Resource update.
Drilling since the 2023 maiden Makoko Mineral Resource stepped progressively
further west and down-dip, targeting prominent north-south oriented basement
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structures identified from the 2021 airborne magnetics survey. This led to the
discovery and delineation of Kitoko in late 2023 and Makoko West in early 2024.
At Makoko West, a near-surface, higher-grade zone of 5-10 metres thick has been
drilled on a 200-metre by 200-metre grid and is classified in the Indicated Resource
category. Beneath this, a thicker, 15 to 20-metre mineralized unit grading 1% to
1.5% copper extends from 350 metres down to 700 metres below surface, with a
strike length of approximately 3 kilometres oriented east-west and a lateral north-
south width of 400 to 600 metres. Drilling in 2025 is currently following this zone
eastward and down-dip, testing for a potential connection with Kitoko at depth.
Kitoko has no surface expression or connection to shallower mineralization. It was
identified through conceptual targeting adjacent to a prominent north-south
lineament-fault structure in the airborne magnetics. Mineralization begins at
approximately 950 metres and extends down to 1,250 metres depth below surface.
High-grade mineralization has been identified in two zones – Kitoko West and
Kitoko East – hosted in two sulfur-rich siltstones that pinch out as an onlap
against a subtle basement high. These siltstones occur lower in the stratigraphic
sequence than those at Makoko and Makoko West.
Kitoko East hosts some of the highest-grade drill hole intersections, including 5.2
metres at 11.6% copper from a depth of 1,134 metres. Mineralization at Kitoko East
spans approximately 2 kilometres north-south and 1 kilometres east-west and
remains open to the south and east. A recent step-out hole, not included in the
current resource update (hole KTK048 as shown at the bottom of Figures 3 and 4,
as well as on the right of Figure 6), located two kilometres to the south of Kitoko,
intersected copper mineralization of a similar nature to that at Kitoko. Definition
drilling in 2025 will aim to tighten drill spacing to 400 metres by 400 metres and
conduct wide step-outs to test the system’s limits.
Kitoko West is a narrower zone of approximately 500 to 600 metres wide, and
appears to be closed off to the west, with weakening mineralization toward the
south. Ongoing drilling is testing whether the onlapping siltstone units wrap
around the basement high and connect with Kitoko East at depth.
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Figure 2. Building new mines in the DRC can be achieved with very low
capital intensities, as demonstrated by Kamoa-Kakula’s industry-leading
capital intensity of $7,000 per tonne of copper produced annually.
Source: Industry average data from BofA research, July 12, 2024. Kamoa-Kakula Phase 1, 2 & 3 data from public
information are shown in red. Phase 1,2 & 3 includes debottlenecking program and excludes the smelter. The initial
capital of Phase 3 includes the construction of the crushing and grinding infrastructure for Phase 4. Project 95 capital
intensity consists of processing plant's initial capital only.
Figure 3. The Makoko District showing the growth in 2023 (fine dashed
outline) and 2025 (bold outline) Mineral Resource at a 1% cut off, overlaid
with copper grade.
~$7,000 ~$17,500 ~$20,000
Phase 1, 2 & 3 Industry average
brownfield project
Industry average
greenfield project
Recent projects
up to $30,000/t
Recent projects
up to $35,000/t
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Figure 4. Mineralized zone thickness contours across the Makoko District.
Michel Kabwit, Exploration Geologist at Ivanhoe Mines examining recently
drilled core at the Makoko West.