Ivanhoe Mines Files NI 43-101 Technical Report for the Tier-One Platreef Platinum, Palladium, Rhodium, Nickel, Gold and Copper Mine in South Africa

Rhea-AI Summary

Ivanhoe Mines (IVPAF) has filed an NI 43-101 technical report for its Platreef project in South Africa, revealing significant expansion plans and economic potential. The project contains 42 million ounces of precious metals in Indicated Resources and 53 million ounces in Inferred Mineral Resources.

The development includes two key studies:

• A Feasibility Study for Phase 1 & 2 (4.1 Mtpa) showing an after-tax NPV8% of $1.4 billion and 20% IRR, with production of 450,000 ounces of platinum, palladium, rhodium, and gold annually
• A PEA for Phase 1, 2 & 3 (10.7 Mtpa) projecting an after-tax NPV8% of $3.2 billion and 25% IRR, targeting over 1 million ounces of precious metals plus 25,000 tonnes of nickel and 15,000 tonnes of copper annually

Phase 1 production is scheduled to commence Q4 2025, with Phase 2 expansion accelerated to 2027. Ivanhoe holds a 64% interest through Ivanplats, with 26% held by South African BEE partners and 10% by Japanese shareholders.

Positive

• Phase 1 production starting Q4 2025 with Phase 2 accelerated to 2027
• Strong Phase 2 economics: $1.4B NPV and 20% IRR at 4.1 Mtpa
• Exceptional Phase 3 potential: $3.2B NPV and 25% IRR at 10.7 Mtpa
• Substantial resource base: 95M total ounces of precious metals
• Projected to be lowest-cost platinum group metals producer

Negative

• Large capital investment required for three-phase expansion
• Project execution risks with accelerated Phase 2 timeline

News Market Reaction

-7.77%

1 alert

-7.77% News Effect

On the day this news was published, IVPAF declined 7.77%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Platreef, one of the world’s largest undeveloped precious metals projects, to be lowest cost platinum, palladium, rhodium, and gold producer; with significant nickel and copper

Phase 1 production commencing Q4 this year, with Phase 2 expansion accelerated to 2027

4.1 Mtpa Feasibility Study (Phase 1 & 2) yields after-tax NPV8% of $1.4 billion and IRR of 20%, producing over 450,000 ounces platinum, palladium, rhodium and gold per annum

10.7 Mtpa PEA (Phase 1, 2 & 3) yields an after-tax NPV8% of $3.2 billion and 25% IRR, scaling up annualized production to over 1.0 million ounces of platinum, palladium, rhodium, and gold, plus approx. 25,000 tonnes of nickel and 15,000 tonnes of copper

Platreef’s vast, open-ended deposit contains 42 million ounces of precious metals in Indicated Resources and 53 million ounces in Inferred Mineral Resources at 2 g/t cut-off

Johannesburg, South Africa--(Newsfile Corp. - March 31, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announced today that, following the announcement made on February 18, 2025, the company has filed the National Instrument 43-101 (NI 43-101) technical report covering the Platreef Integrated Development Plan 2025.

The Platreef Integrated Development Plan 2025 includes two independent technical studies covering the three-phase expansion of the tier-one Platreef platinum, palladium, rhodium, nickel, gold, and copper mine in South Africa.

The two completed independent studies consist of an updated Feasibility Study on the Phase 2 expansion to 4.1 Mtpa of processing capacity (4.1 Mtpa FS), and a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7 Mtpa of processing capacity (10.7 Mtpa PEA).

The Platreef 2025 IDP technical report was prepared by OreWin Pty Ltd of Adelaide, Australia; The MSA Group (Pty) Ltd of Johannesburg, South Africa; SRK Consulting (South Africa) (Pty) Ltd of Cape Town, South Africa; DRA Projects (Pty) Ltd of Johannesburg, South Africa; and, WSP Global Inc. of Montreal, Canada.

The independent Qualified Persons responsible for preparing the 4.1 Mtpa FS and 10.7 Mtpa PEA, on which the Platreef 2025 IDP technical report was based are; Bernard Peters (OreWin Pty Ltd), Jeremy Witley (The MSA Group (Pty) Ltd), William Joughin (SRK Consulting (South Africa) (Pty) Ltd), Curtis Smith (OreWin Pty Ltd), Riaan Thysse (WSP Global Inc.), and Ryan Males and Louise Lintvelt (DRA Projects (Pty) Ltd).

Ivanhoe Mines holds a 64% interest in the Platreef mine through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of a broad-based, black economic empowerment structure have a combined 26% stake, with the remaining 10% owned by a consortium of Japanese shareholders including ITOCHU Corporation; Japan Organization for Metals and Energy Security; and JGC Holdings Corporation.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa.

Ivanhoe Mines also is exploring its highly prospective, 60-100% owned exploration licences in the Western Forelands, covering an area over 5 times larger than the adjacent Kamoa-Kakula Copper Complex. Ivanhoe is exploring for new sedimentary copper discoveries, as well as expanding and further defining its high-grade Makoko, Kiala, and Kitoko copper discoveries as the company's next major development projects.

Information contact

Investors

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246701

FAQ

What is the expected production capacity of Platreef's Phase 2 expansion for IVPAF?

The Phase 2 expansion will reach 4.1 Mtpa processing capacity, producing over 450,000 ounces of platinum, palladium, rhodium, and gold annually.

What is the economic value of Platreef's Phase 3 expansion according to the PEA?

The Phase 3 PEA shows an after-tax NPV8% of $3.2 billion and 25% IRR, with production scaling up to over 1 million ounces of precious metals annually.

When will IVPAF's Platreef mine begin Phase 1 production?

Phase 1 production is scheduled to commence in Q4 2025.

How many ounces of precious metals does the Platreef deposit contain?

The deposit contains 42 million ounces of precious metals in Indicated Resources and 53 million ounces in Inferred Mineral Resources at 2 g/t cut-off.

What is the ownership structure of IVPAF's Platreef project?

Ivanhoe Mines holds 64% through Ivanplats, 26% is owned by South African BEE partners, and 10% by Japanese shareholders.