Ivanhoe Mines announces updated, independent study results for the Kamoa-Kakula Copper Complex
March 31, 2026
Ivanhoe Mines announces updated, independent study results
for the Kamoa-Kakula Copper Complex
■
World-class Indicated Mineral Resource estimate of 1.3 billion tonnes at
grade of 2.65% for 34 million tonnes of copper intact, underpinning
significant long-term optionality
■
Mineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million
tonnes of copper, supports multi-decade mine life
■
Updated mine plan supports ramp up of production profile to >500,000
tonnes of copper from 2028 onwards
■
2026 and 2027 Kakula mine plan refocused on developing long-term
infrastructure to establish future high-productivity stoping
■
Revised Kamoa-Kakula production guidance to 290,000 to 330,000 tonnes of
copper anodes in 2026, and 380,000 to 420,000 tonnes in 2027
■
Revised Kamoa-Kakula cash cost (C1) guidance to $2.60/lb. to $3.00/lb. for
2026, decreasing to $2.10/lb. to $2.50/lb. for 2027; targeting cash cost (C1) of
~$2.00/lb. from 2028
■
Feasibility Study now in progress to optimize the mine plan and increase
definition over the first five years
■
Ivanhoe Mines strengthens executive leadership team with the appointment
of Simon Bottoms as EVP, Technical Services and the promotion of
Mark Sumner to EVP, Corporate Finance
■
Ivanhoe Mines to host conference call today at 4:30 p.m. EST
KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines’ (TSX: IVN; OTCQX:
IVPAF) Co-Chairman Robert Friedland and President and Chief Executive Officer Marna
Cloete announced today the results of an updated, independent technical report for the
Kamoa-Kakula Copper Complex (“Kamoa-Kakula 2025 Mineral Reserve and Mineral
Resource Estimate” or “Kamoa-Kakula MRE”). The Kamoa-Kakula Copper Complex is
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operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining.
Kamoa Holding holds an 80% interest in the Kamoa-Kakula Copper Complex, with the
DRC government holding the remaining 20% interest. Ivanhoe Mines and Zijin Mining,
therefore, each hold an indirect 39.6% interest in Kamoa-Kakula, with Crystal River
holding an indirect 0.8% interest.
The Kamoa-Kakula MRE underpins a mine plan for the Kamoa-Kakula Copper Complex to
ramp up production to over 500,000 tonnes of copper per annum from 2028 onwards.
This includes the Phase 1, 2 and 3 concentrator operations at a steady-state rate of 17
million tonnes per annum over approximately 25 years.
The updated Mineral Reserve estimate is 466 million tonnes of ore at a grade of 2.82%
copper, containing 13.1 million tonnes of copper. This estimate incorporates changes to
the mine design and extraction sequence, which takes into consideration cautious
geotechnical parameters adopted based on analysis by world-leading experts.
Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has now
commenced work on an optimized Feasibility Study, which will cover the first five years
in high-definition and will take into consideration additional information to be gathered in
the coming months, particularly as dewatering of the Kakula Mine is completed.
Kamoa-Kakula Copper Complex is a long-life, high-grade underground mining operation.
The updated Indicated Mineral Resource estimate is relatively unchanged at 1.27 billion
tonnes of ore at a grade of 2.65%, containing approximately 34 million tonnes of copper,
supporting long-term optionality, including the potential for a Phase 4 expansion. In
addition, the Inferred Mineral Resources consist of a further 336 million tonnes grading
1.82%, containing approximately 6.1 million tonnes of copper.
As a result of increased focus on development activities over the next 18-24 months and
more conservative near-term underground development advance rates, Kamoa-Kakula
Copper Complex production guidance has been revised to 290,000 to 330,000 tonnes of
copper anodes in 2026, and 380,000 to 420,000 tonnes of copper anodes in 2027.
Management now expects annualized copper anode production to achieve over 500,000
tonnes from 2028.
The Kamoa-Kakula MRE, dated March 31, 2026, and titled “Kamoa-Kakula Mineral
Reserve and Mineral Resource Technical Report” with an effective date of December 31,
2025, was prepared by AMC Mining Consultants South Africa (Pty) Ltd and MSA Group
(Pty) Ltd, covering the company’s Kamoa-Kakula Copper Complex.
The National Instrument 43-101-compliant Kamoa-Kakula MRE will be filed on SEDAR+ at
www.sedarplus.ca and on the Ivanhoe Mines website at www.ivanhoemines.com
concurrently with the issuance of this news release.
Ivanhoe Mines’ Executive Co-Chairman, Robert Friedland commented:
“Kamoa-Kakula is the epicentre of the richest sedimentary copper district on Earth. Our
mine combines extraordinary grade over a very long life … and we are supported by
hydroelectric and solar power. Building on this endowment, this technical report sets a
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base case from which we will build copper production up to a new high of over 500,000
tonnes per annum.
“The world is currently experiencing a crude wake-up call of just how fragile global
supply chains are… and against this backdrop of global uncertainty, Tier-One mining
operations like Kamoa-Kakula become even more critical to national security. Out of an
abundance of caution, we have secured additional supplies of diesel. In addition, our first
two modules totalling 60 MW of on-site solar, combined with battery storage to provide
continuous power, will be commissioned in Q2 2026… with a further 60 MW in the
pipeline to come next year, enabling us to keep supplying the world economy with 99.7%-
pure copper anodes … as well as ever more valuable sulphuric acid, which the
Democratic Republic of the Congo, the world’s second largest copper producer,
absolutely depends on for its oxide copper mines.”
“We are also looking forward to sharing positive developments from our Platreef Mine,
the Western Forelands and Kipushi Mine soon...”
Ivanhoe Mines’ President & CEO, Marna Cloete commented:
“Over the past year, the Kamoa Copper team expended significant efforts to safeguard
the Kakula Mine after a challenging 2025. We are determined to strengthen the technical
foundation of our operations, with a focus on long-term stability and performance...
Today’s updated Mineral Reserve and Mineral Resource estimate is an important step in
the right direction.
“We will not take shortcuts in our rehabilitation program to ensure that the updated mine
design is conservative, safe, productive and sustainable over the life of the operation.
While conservative baseline assumptions have an impact on production levels in 2026
and 2027, we are setting up Kamoa-Kakula for new production records from 2028
onwards… with target production levels over 500,000 tonnes of copper anodes and
blister, over a multi-decade life.
“One should also not overlook our past achievements. We have built this operation over
the past six years at a record pace and on budget, producing over 1.6 million tonnes of
copper and generating over $7 billion of EBITDA, funding the Phase 2 and 3 expansions,
as well as Africa’s largest, state-of-the-art 500,000 tonne-per-annum copper smelter…
The smelter is ramping up ahead of schedule and is now delivering additional margin via
significant by-product sulphuric acid sales and very significant reductions in the cost of
shipping our 99.7%-pure copper to market.
“We are also pleased to welcome Simon Bottoms as Executive Vice President, Technical
Services, to Ivanhoe Mines. Simon brings a wealth of knowledge and experience in Africa
and globally, and he will be instrumental in the next phase of optimization and long-term
planning at Kamoa-Kakula, as we seek to deliver additional value to shareholders.”
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Ivanhoe to host an investor conference call today at 4:30 p.m. EST on the
Kamoa-Kakula MRE
At 4:30 p.m. Eastern time / 1:30 p.m. Pacific time on March 31, 2026, Ivanhoe will host an
investor conference call to discuss the Kamoa-Kakula MRE. The conference call will
conclude with a question-and-answer (Q&A) session.
To view the webcast, use the link:
https://meetings.lumiconnect.com/400-386-323-206
Participants Dial-in Numbers:
Local - Toronto: +1 (416) 855-9085
Toll Free - North America: +1 (800) 990-2777
Conference ID: 42932
An audio webcast recording of the conference call, together with supporting presentation
slides, are available on Ivanhoe Mines’ website at www.ivanhoemines.com.
Updated Mineral Resource estimate reaffirms the long-term potential of the
Kamoa-Kakula Copper Complex
The 2025 Indicated Mineral Resource estimate for the Kamoa-Kakula Copper Complex
reduced by 3.0 million tonnes of contained copper, or 8%, compared with the previous
technical report as of December 31, 2022, which is largely attributable to depletion as
tabulated in the footnotes of Figure 2, as well as the removal of the Mature Extraction
Zone from Kakula, as shown in Figure 3. Inferred Mineral Resource increased by 0.9
million tonnes contained copper, or 17%, largely driven by reclassification of Kakula
Inferred Zone pillars.
Table 1. Kamoa-Kakula Mineral Resource Estimate 100% Project Basis (December
31, 2025)
Deposit Category Tonnage (Mt) Copper Grade
(%)
Contained
Copper (Mt)
Kamoa
Indicated 750 2.73 21
Inferred 235 1.7 4.0
Kakula
Indicated 523 2.53 13
Inferred 75 2.1 1.2
Inferred Pillars 26 3.5 0.9
Total Kamoa-Kakula Indicated 1,272 2.65 34
Total Kamoa-Kakula Inferred 336 1.8 6.1
Notes:
1) Mineral Reserves and Mineral Resources have been estimated as at December 31, 2025 in accordance with National Instrument 43-101 - Standards of Disclosure
for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. 2) F or 2025 the long-term copper price used for calculating Mineral
Resources is $6.00/lb. 3) Realization costs include refining and treatment charges, deductions and payment terms, blister and concentrate transport, metallurgical
recoveries, and royalties. 4) 1% total copper (TCu) cut-off grade has been used to report the Mineral Resource. 5) Reported Mineral Resources contain no
allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied. 6) The Mineral Resource for Kakula was depleted to
account for annual production and losses due to unextractable pillars and inaccessible areas. 7) Mineral Resources are reported inclusive of Mineral Reserves.
8) Measured and Indicated Mineral Resource estimates of grade and Proven & Probable Mineral Reserve estimates of grade for Cu % are reported to two decimal
places. 9) All inferred Mineral Resource estimates of grade for Cu % are reported to one decimal place. 10) Totals may not appear to sum correctly due to rounding.
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11) Jeremy Witley, r.Sci.Nat SACNASP, FGSSA of The MSA Group (Pty) Ltd estimated the Mineral Resources. The 2025 Mineral Resource was estimated f rom the
non-depleted 2023 Mineral Resource estimate, with an effective date of December 31, 2022, and depleted to account for annua l production up until December 31,
2025, as well as geotechnical losses incurred during 2025. The 2025 Mineral Resource has an effective date of December 31, 20 25. 12) The non-depleted 2023
Mineral Resource estimate has an effective date of December 31, 2022, and is documented in the Kamoa -Kakula Technical Report dated March 16, 2023. The cut-
off date for drill data at Kamoa is January 20, 2020. The cut -off date for the drill data at Kakula is July 20, 2022, with the assay table updated as of December 13,
2022. 13) Mineral Resources which are not Mineral Reserves have not demonstrated economic viability. 14) Mineral Resources are reported on 100% project basis.
Ivanhoe Mines’ attributable ownership is 39.6% of Kamoa-Kakula
Figure 1. The Mineral Resource estimates for the world’s top 10 largest copper
operations, by contained copper and copper grade (Source: S&P, March 2026)
Updated Mineral Reserve incorporating revised mine plan and cautious
geotechnical parameters supports multi-decade mine life
The 2025 Mineral Reserve estimate for the Kamoa-Kakula Copper Complex reduced by
4.4 million tonnes of contained copper, or 25%, compared with the previous, depleted
Mineral Reserve estimate as of December 31, 2024. The Mineral Reserve estimate is
outlined Table 2, with annualised depletion in the footnotes of Figure 2.
Table 2. Kamoa-Kakula Mineral Reserve Estimate 100% Project Basis (December
31, 2025)
Category Tonnage
(Mt Ore)
Copper
(% Cu)
Cont. Copper
(Mt Cu)
Proven Mineral Reserve - - -
Probable Mineral Reserve 466 2.82 13.1
Kakula 51 3.94 2.0
Kakula West 84 2.98 2.5
Kansoko Sud 33 2.71 0.9
Kamoa 1 104 2.71 2.8
Kamoa 2 78 2.59 2.0
Kamoa 3 58 2.41 1.4
Kamoa 4 43 2.46 1.0
Kamoa 5 8.6 2.66 0.2
Kamoa 6 7.2 2.74 0.2
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
0
25
50
75
100
125
150
Copper Grade (%)
Contained Copper (Mt)
M&I Cont. Cu
Inf. Cont. Cu
M&I Grade
Inf. Grade
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Notes: 1) Mineral Reserves and Mineral Resources have been estimated as at December 31, 2025 in accordance with NI 43-101 as required by Canadian securities
regulatory authorities. 2) For 2025 the long-term copper price used for calculating Mineral Reserves and economic mine plan analysis is $4.50/lb.3) Realization costs
include refining and treatment charges, deductions and payment terms, blister and concentrate transport, metallurgical recoveries, and royalties. 4) Cut -off grades
applied to the Mineral Reserve are between 2.0% TCu and 1.5% TCu. The varying characteristics of each deposit, and the intent ion of maintaining reliable mining
parameters and geotechnical controls has resulted in each scenario applying both a minimum economic cut -off, practical mining parameters and spatial
considerations to differentiate between mined material considered to be ore or waste. 5) In confirming the Mineral Reserves for Kamoa & Kakula, a reserve test has
been undertaken, to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk c osts and only considers future operating
and closure expenses as well as any future capital costs. 6) Metallurgical recovery for each Concentrator is defined by the application of a recovery algorithm. The
metallurgical recovery is 87.98% for the Kakula and Kamoa concentrators (Mineral Reserve life -of-mine plan average). 7) Smelter recovery is 98.5%. 8) Mineral
Reserve tonnage and grade estimates include apportionment for dilution and recovery. 9) Mineral Reserves reported above are i nclusive of Mineral Resources and
are not additive. 10) Totals may not appear to sum correctly due to rounding. 11) Mineral Resources, which are not Mineral Reserves, do not have demonstrated
economic viability. 12) Measured and indicated Mineral Resource estimates of grade and proven and probable Mineral Reserve estimates of grade for Cu % are
reported to two decimal places.13) Mineral Reserves are reported on a 100% project basis. Ivanhoe Mines attributable ownership is 39.6% of Kamoa-Kakula
A reconciliation of the Mineral Reserve tonnes and grade between the previous technical
report as of December 31, 2022 and the Kamoa-Kakula MRE is outlined in Figure 2, with a
corresponding explanation overleaf.
Figure 2. Reconciliation of the Mineral Reserve tonnes and grade between the
Kamoa-Kakula MRE and the previous technical report as of December 31, 2022.
Notes: The Mineral Reserve is based on the 2023 Mineral Resource estimate, with an effective date of December 31, 2022, and depleted to account for annual
production up until December 31, 2025, as well as geotechnical losses incurred during 2025. Historical Mineral Reserve Estimates on 100% Project basis since
December 31, 2022 are: a) Estimates as of December 31, 2022: On a 100% Project basis No Proven Mineral Reserves. Probable reserves of 472 million to nnes
grading 3.94%, representing 18.6 million tonnes of contained Copper. b) Estimates as of De cember 31, 2023: On a 100% Project basis No Proven Mineral Reserves.
Probable reserves of 464 million tonnes grading 3.92%, representing 18.2 million tonnes of contained Copper. c) Estimates are as of December 31, 2024: On a
100% Project basis No Proven Mineral Reserves. Probable reserves of 453 million tonnes grading 3.91%, representing 17.7 million tonnes of contained Copper.
Since December 31, 2022, Kamoa-Kakula Probable Mineral Reserves annual depletion, with no other updates, is as per the table below. No Proven Mineral
reserves have been declared or depleted within this period :
Probable Mineral Reserve Annual Depletion (100% project basis)
Year Ore (Mt) Copper (%) Copper (Contained Kt)
2023 7.8 5.38% 419
2024 12 4.42% 518
2025 10 3.21% 327
2023-2025 Total 29.7 4.26% 1,264
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The difference in Mineral Reserves between the Kamoa-Kakula MRE and the Kamoa-
Kakula 2023 Integrated Development Plan (2023 IDP), filed on March 16, 2023, is
attributable to five key changes:
1) Removal of the old Kakula Mine from the Mineral Reserves, some of which is
(1a) excluded as the Mature Extraction Zone (previously extracted to >70%
extraction) and some of which is (1b) reclassified as Inferred Mineral Resources
until safe access is re-established and extraction methodology can be proven
(refer to Figure 3);
2) Reduced global extraction ratio of ~60%, based on increased pillar widths, and
revised mine designed to ensure stability based on design guidelines
extrapolated from Kakula findings;
3) Update in overall mine design philosophy, with increased proportions of high-
productivity stoping, thus increasing the mining dilution, and associated
development of peripheral accesses and infrastructure ahead of the mining
front;
4) Selective drop in cut-off grade from 2.0% to 1.5% opening up additional mining
areas; and increasing efficiencies through extracting more of the overall
orebody; and
5) Conversion of resources to reserves for Kamoa 3, 4, 5 and 6 Mines, utilizing
existing cautious underground design guidelines.
Figure 3. Plan view of the new mine plan for Kakula, showing existing workings
and new mining areas to the west and east of the old Kakula mining area. The
Mature Extraction Zone is excluded from 2025 Mineral Reserve and Mineral
Resource estimates. The Inferred Resource Zone (outlined in orange) has been
reclassified and excluded from the Kakula 2025 Mineral Reserve estimate.
Mature
Extraction
Zone (>70%)
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Figure 4. Overview of the 400-square-kilometre Kamoa-Kakula licence area,
showing a breakdown of Mineral Reserves of the operating mines (yellow) and
future deposits (orange), as well as highlighting surface infrastructure (green).
Feasibility Study now in progress to optimize the mine plan and increase
definition over the first five years
Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has
commenced work on an optimized Feasibility Study that will cover at least the next five
years of operation. This will be accompanied by a Pre-Feasibility Study (PFS) on the
remaining mine life. The study is expected to be completed in approximately 12 months.
The optimized Feasibility Study will link together multi-disciplinary data gathered over
the coming months from a comprehensive drilling and mapping program, which is
expected to start in Q2 2026. The results will enable a higher-definition model of
geological, geotechnical and hydrological variability across Kamoa-Kakula’s orebody
domains, enabling a more dynamic and customized mine design across different
sections of the mine, with the potential to improve costs, increase extraction ratios and
reduce planned dilution.