Ivanhoe Mines Ltd Stock Price, News & Analysis

Ivanhoe Mines (OTCQX: IVPAF) reported first copper anodes produced from the on-site Kamoa-Kakula direct-to-blister smelter on December 29, 2025, following first concentrate feed on December 21.

The smelter has a nameplate capacity of 500,000 tpa of 99.7% copper anode and is ramping through 2026 toward year-end completion. Prior on-site concentrate inventory of ~37,000 tonnes of contained copper is being destocked, reducing unsold concentrate to ~17,000 tonnes, so 2026 sales are expected to be ~20,000 tonnes higher than production. Expected smelter recovery is 98.5% and sulphuric acid output up to 700,000 tpa. Key power works: 60 MW UPS installed and 60 MW solar with battery expected online Q2 2026.

Robert Friedland (IVPAF) updated his disclosed Ivanhoe Mines shareholdings following personal financing transactions with a U.S. commercial bank. A wholly owned subsidiary pledged 94,100,000 common shares, equal to 6.61% of outstanding common shares, a 1.97% increase in pledged shares since December 31, 2024.

The subsidiary remains registered owner of 163,391,850 common shares (~11.48% outstanding as of Dec 26, 2025) and is deemed to own 168,409,379 shares (~11.79% on a partially diluted basis). Friedland may settle the financing in cash and expects to do so; pledged shares are not subject to disposal or voting by the bank except as disclosed.

Ivanhoe Mines (OTCQX: IVPAF) issued 2026–2027 guidance for the Kamoa‑Kakula copper complex and updated Kakula dewatering progress. Management guides 2026 production 380,000–420,000 tonnes and 2027 production 500,000–540,000 tonnes, while maintaining a medium‑term target of ~550,000 tonnes. Copper sales in 2026 are expected to exceed production as the new on‑site smelter destocks ~20,000 tonnes of concentrate. Dewatering at Kakula is advancing (west ~70%, east ~60%), 13.4 km of workings rehabilitated, and Phase 1–3 processing capacity is planned to reach 17 Mtpa in 2027.

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.