Ivanhoe Mines Ltd Stock Price, News & Analysis

Ivanhoe Mines (OTCQX: IVPAF) announced that heat-up of the Kamoa-Kakula 500,000-tonnes-per-annum direct-to-blister copper smelter commenced on November 21, 2025. First feed of concentrate is expected by year end and the smelter's casting wheels are expected to produce 99.7% copper anodes by year end. Prior to start-up, on-site concentrate inventory was ~37,000 tonnes of copper; management expects total unsold concentrate to reduce to ~17,000 tonnes during 2026 as ramp-up proceeds.

The smelter heat-up reached 800°C and will hold that temperature for nine days while commissioning continues. On-site power resilience includes a 60 MW UPS and ~180 MW diesel generator backup.

Ivanhoe Mines (OTCQX: IVPAF) announced senior leadership and board changes, effective immediately and into 2026. Tom van den Berg will be appointed Chief Operating Officer effective January 1, 2026, remaining temporarily at Kamoa-Kakula to oversee a recovery and turnaround plan. Mark Farren will transition from COO to Strategic Advisor to the board to support Platreef Phase 2 and Western Forelands development. Nick Popovic joins as a Strategic Advisor. Manfu Ma steps down from the board and Xianwen Wu, General Manager of CITIC Metal, joins the board effective November 26, 2025. Ivanhoe will issue Kamoa-Kakula 2026 & 2027 copper production guidance the week commencing December 1, 2025.

Ivanhoe Mines (OTCQX: IVPAF) announced that the newly refurbished 178-MW Turbine #5 at the Inga II dam has been synchronized and is delivering approximately 180 MW into the DRC grid, with an initial 50 MW now received at the Kamoa-Kakula copper complex. Power to Kamoa-Kakula is expected to increase to 100 MW in Q1 2026 and to 150 MW by H1 2027 as planned grid upgrades are completed.

Highlights:

• Initial 50 MW delivered to Kamoa-Kakula; domestic supply ~110 MW today.
• Grid upgrades (Inga and Kolwezi substations) drive staged increases to 150 MW.
• Over 10-year partnership with SNEL to refurbish 250 MW of hydropower capacity.

Ivanhoe Mines (OTCQX: IVPAF) and Qatar Investment Authority (QIA) signed a memorandum of understanding on November 21, 2025 to collaborate on exploration, development and mining of critical minerals.

The MoU follows QIA's US$500 million strategic investment in Ivanhoe announced on September 29, 2025 and frames cooperation on the Western Forelands exploration project in DRC (including Makoko), access to preferential financing, potential strategic M&A, infrastructure support and downstream smelting or refining development.

Ivanhoe Mines (OTCQX: IVPAF) announced the official opening of the Platreef platinum-palladium-nickel-rhodium-gold-copper mine on November 18, 2025, with first concentrate produced that day. The ceremony was attended by President Cyril Ramaphosa and over 2,000 people, and highlighted local ownership and jobs (70% local workforce; ~30% female).

Phase 1 is ramping using a 0.8 Mtpa concentrator; Shaft #3 equipping is on schedule for commissioning in March 2026 to raise hoisting to 5 Mtpa. Phase 2 expansion to 4.1 Mtpa targets completion in Q4 2027, with negotiated senior project finance of $700 million expected in Q1 2026. Phase 2 cash cost: $599/oz 3PE+Au; Phase 3 cash cost: $511/oz. At recent spot prices, Feasibility NPV (8%) would be ~$2.1 billion (+52%).

Ivanhoe Mines (OTCQX: IVPAF) extended birthday wishes to South African President Matamela Cyril Ramaphosa ahead of the formal opening of the Platreef Mine in Limpopo Province on November 18, 2025. The company said the inauguration will occur the same week as the Qatar Africa Business Forum and the G20 Summit in Johannesburg.

Executives described Platreef as the world's largest undeveloped precious metals mine, noted the opening as the culmination of 37 years of work, and said Ivanhoe plans to expand the mine into a leading primary producer of platinum, palladium, rhodium, gold, nickel and copper, while committing to partnership with local communities.

Ivanhoe Mines (OTCQX: IVPAF) reported Q3 2025 operational results: combined Phase 1–3 concentrators milled 3.46 Mt and produced 71,266 tonnes of copper in concentrate, with year-to-date copper at 316,393 t. The company maintained 2025 copper guidance of 370,000–420,000 t. Stage Two dewatering at Kakula is >20% complete and expected to finish end-November 2025; full mine dewatering is projected by February 2026. Heat-up of the on-site, 500 ktpa direct-to-blister smelter is due in early November; unsold concentrate inventory stood at 59,000 t on Sept 30, 2025.

Kipushi set a quarterly zinc record (reported 57,200 t), following an August debottlenecking program.

Ivanhoe Mines (OTCQX: IVPAF) has initiated Stage Two dewatering at its Kakula Mine, with three out of four high-capacity submersible pumps already commissioned. The underground water level has dropped by 10 meters out of approximately 80 meters total depth. Once all four Stage Two pumps are operational, the total pumping rate is expected to reach 6,400 liters per second.

The company expects the majority of Stage Two dewatering to be completed by end of November 2025. As water levels decline, the mining team has begun rehabilitating newly dewatered areas. Ivanhoe has set a medium-term production target of over 550,000 tonnes of copper annually but has deferred issuing specific 2026 and 2027 production guidance until further inspection of dewatered areas is completed.