Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex
Original announcement by tmx on
- Company
- Ivanhoe Mines
- Ticker
- IVN
- Exchange
- TSX
- Region
- Democratic Republic of Congo
- Primary commodity
- Copper
- Secondary commodities
- None reported
- Document categories
- Resource update, Production
- Extracted
- 2026-09-14 06:49:44 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Ivanhoe Mines announced updated independent study results for its Kamoa-Kakula Copper Complex, reaffirming a world-class Indicated Mineral Resource of 1.27 billion tonnes at 2.65% copper for 34 million tonnes of contained copper. While the updated Mineral Reserve decreased by 25% to 13.1 million tonnes of contained copper, the mine plan supports a multi-decade life and a ramp-up to over 500,000 tonnes of copper per annum from 2028. Near-term production guidance for 2026 and 2027 was revised downwards, and cash costs upwards, due to conservative geotechnical parameters and development challenges.
Reasoning: Ivanhoe Mines released an updated NI 43-101 compliant technical report for its Kamoa-Kakula Copper Complex, reaffirming a robust long-term resource base but reporting a 25% reduction in contained copper reserves and a downgrade in near-term production guidance with increased costs due to geotechnical and hydrological challenges and a more conservative mine plan, while maintaining a strong long-term outlook from 2028.
Positive factors
- World-class Indicated Mineral Resource estimate remains robust at 34 million tonnes of contained copper, underpinning long-term optionality.
- Updated mine plan supports ramp-up of production profile to over 500,000 tonnes of copper from 2028 onwards.
- Long-term cash cost (C1) target of ~$2.00/lb from 2028 is competitive.
- NI 43-101 compliant technical report prepared by independent Qualified Persons.
- On-site smelter is ramping up ahead of schedule, delivering additional margin and by-product sulphuric acid sales.
Negative factors
- Mineral Reserve estimate reduced by 25% (4.4 million tonnes of contained copper) compared to the previous estimate.
- Production guidance for 2026 and 2027 revised downwards due to conservative geotechnical parameters and development challenges.
- Cash cost (C1) guidance for 2026 and 2027 revised upwards.
- Mine plan refocused on developing long-term infrastructure, delaying near-term stoping at Kakula until H1 2027.
- Adverse geotechnical and hydrological conditions have reduced target development rates by approximately 15%.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 17
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces 'Updated, Independent Study Results for the Kamoa-kakula Copper Complex', which includes updated Mineral Resource and Mineral Reserve estimates.
Evidence · text
“Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Resources and Reserves have been estimated in accordance with National Instrument 43-101.
Evidence · text
“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")”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Jeremy Witley of The MSA Group estimated the Mineral Resources, and Karl van Olden of AMC Consultants is responsible for Mineral Reserves, both being independent Qualified Persons.
Evidence · text
“Jeremy Witley, r.Sci.Nat SACNASP, FGSSA of The MSA Group (Pty) Ltd estimated the Mineral Resources.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document explicitly states the cut-off grade used for Mineral Resources as 1% TCu and for Mineral Reserves as between 2.0% TCu and 1.5% TCu.
Evidence · text
“1% total copper (TCu) cut-off grade has been used to report the Mineral Resource.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The document highlights a 'World-class Indicated Mineral Resource estimate of 1.3 billion tonnes at grade of 2.65% for 34 million tonnes of copper intact'.
Evidence · text
“World-class Indicated Mineral Resource estimate of 1.3 billion tonnes at grade of 2.65% for 34 million tonnes of copper intact”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports a 'Mineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million tonnes of copper', which is categorized as Probable.
Evidence · text
“Mineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million tonnes of copper”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: The 2025 Mineral Reserve estimate reduced by 4.4 million tonnes of contained copper, or 25%, compared with the previous estimate.
Evidence · text
“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.”
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: The previous Probable Reserve (Dec 31, 2024) was 3.91% Cu, while the current Probable Reserve is 2.82% Cu, indicating a significant grade reduction.
Evidence · text
“Probable reserves of 453 million tonnes grading 3.91%, representing 17.7 million tonnes of contained Copper.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document states that 'Inferred Mineral Resources consist of a further 336 million tonnes grading 1.82%, containing approximately 6.1 million tonnes of copper'.
Evidence · text
“In addition, the Inferred Mineral Resources consist of a further 336 million tonnes grading 1.82%, containing approximately 6.1 million tonnes of copper.”
Extracted facts
Stored fact records: 17. Some facts used in scoring do not have a stored record.
Resource Estimates (17)
indicatedKamoa-Kakula Copper Complex · copperTonnes: 750000000Grade: 2.73Grade Unit: %Contained Metal: 21Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:9b6a52c663ac95ae26b1
- Deposit or zone
- Kamoa
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 750000000
- Grade
- 2.73
- Grade Unit
- %
- Contained Metal
- 21
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This is a substantial Indicated Resource for the Kamoa deposit, contributing significantly to the project's overall contained copper and confidence.
Positive factors
- High-grade Indicated Resource (2.73% Cu) for a large tonnage (750 Mt) at a world-class project.
- Contributes significantly to the overall contained copper of the project.
Evidence · table
“2.73”
Context: 750
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKamoa-Kakula Copper Complex · copperTonnes: 235000000Grade: 1.7Grade Unit: %Contained Metal: 4Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:ea36487243f9fd0bec3a
- Deposit or zone
- Kamoa
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 235000000
- Grade
- 1.7
- Grade Unit
- %
- Contained Metal
- 4
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Inferred Resource adds to the project's overall scale but is of lower confidence and grade compared to the Indicated categories.
Positive factors
- Adds to the overall resource base with significant tonnage (235 Mt) and contained copper (4.0 Mt).
Negative factors
- Lower confidence Inferred category.
- Grade (1.7% Cu) is lower than the Indicated resources.
Evidence · table
“1.7”
Context: 235
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedKamoa-Kakula Copper Complex · copperTonnes: 523000000Grade: 2.53Grade Unit: %Contained Metal: 13Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:cdaa7b6b68bde207ba16
- Deposit or zone
- Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 523000000
- Grade
- 2.53
- Grade Unit
- %
- Contained Metal
- 13
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This is a substantial Indicated Resource for the Kakula deposit, providing high confidence and significant contained copper to the project.
Positive factors
- Large Indicated Resource (523 Mt) with a strong grade (2.53% Cu) for the Kakula deposit.
- Significant contribution to the project's overall contained copper.
Evidence · table
“2.53”
Context: 523
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKamoa-Kakula Copper Complex · copperTonnes: 75000000Grade: 2.1Grade Unit: %Contained Metal: 1.2Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:c2a8510a82d44207d914
- Deposit or zone
- Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 75000000
- Grade
- 2.1
- Grade Unit
- %
- Contained Metal
- 1.2
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Inferred Resource for Kakula contributes to the project's scale, offering future potential despite its lower confidence category.
Positive factors
- Adds to the overall resource base with good tonnage (75 Mt) and contained copper (1.2 Mt).
Negative factors
- Lower confidence Inferred category.
Evidence · table
“2.1”
Context: 75
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKamoa-Kakula Copper Complex · copperTonnes: 26000000Grade: 3.5Grade Unit: %Contained Metal: 0.9Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:13c2cf21915d003ae24c
- Deposit or zone
- Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 26000000
- Grade
- 3.5
- Grade Unit
- %
- Contained Metal
- 0.9
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This high-grade Inferred Resource from Kakula pillars offers future potential, though it is of lower confidence and may present extraction complexities.
Positive factors
- High-grade Inferred Resource (3.5% Cu) from pillars, indicating potential for future extraction.
- Adds to the overall contained copper.
Negative factors
- Lower confidence Inferred category.
- Pillar material may have specific extraction challenges.
Evidence · table
“3.5”
Context: 26
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedKamoa-Kakula Copper Complex · copperTonnes: 1272000000Grade: 2.65Grade Unit: %Contained Metal: 34Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:1f2334d4bd4cb8bf26fa
- Deposit or zone
- Total Kamoa-Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1272000000
- Grade
- 2.65
- Grade Unit
- %
- Contained Metal
- 34
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This represents a world-class Indicated Mineral Resource for the Kamoa-Kakula Copper Complex, providing a strong foundation for long-term operations and future expansions.
Positive factors
- World-class Indicated Resource (1.27 billion tonnes at 2.65% Cu) for the entire complex, providing long-term optionality.
- Massive contained copper (34 Mt) underpins the project's significance.
Evidence · table
“2.65”
Context: 1,272
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKamoa-Kakula Copper Complex · copperTonnes: 336000000Grade: 1.8Grade Unit: %Contained Metal: 6.1Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:287c363883cc44f27828
- Deposit or zone
- Total Kamoa-Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 336000000
- Grade
- 1.8
- Grade Unit
- %
- Contained Metal
- 6.1
- Contained Unit
- mt
- Cutoff Grade
- 1
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This large Inferred Resource for the Kamoa-Kakula complex adds considerable scale and future potential, despite being in the lower confidence category.
Positive factors
- Significant Inferred Resource (336 Mt) adding to the overall scale and future potential of the complex.
- Substantial contained copper (6.1 Mt) provides exploration upside.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“1.8”
Context: 336
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 466000000Grade: 2.82Grade Unit: %Contained Metal: 13.1Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:2729b9e05f93f5b90eff
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 466000000
- Grade
- 2.82
- Grade Unit
- %
- Contained Metal
- 13.1
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: While a substantial Probable Reserve supports a long mine life, the significant reduction in contained copper and grade compared to the previous estimate is a negative development.
Positive factors
- Large Probable Mineral Reserve (466 Mt) supports a multi-decade mine life.
- High grade (2.82% Cu) for a reserve estimate.
Negative factors
- Significant reduction (25% or 4.4 Mt) in contained copper compared to the previous estimate.
- Grade (2.82% Cu) is lower than the previous estimate (3.91% Cu).
Evidence · table
“2.82”
Context: 466
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 51000000Grade: 3.94Grade Unit: %Contained Metal: 2Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:83e70ebab334ceb02f8e
- Deposit or zone
- Kakula
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 51000000
- Grade
- 3.94
- Grade Unit
- %
- Contained Metal
- 2
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This high-grade Probable Reserve for Kakula represents a valuable component of the overall reserve base, contributing significantly to contained copper.
Positive factors
- Very high-grade Probable Reserve (3.94% Cu) for the Kakula deposit.
- Significant contained copper (2.0 Mt) from a key mining area.
Evidence · table
“3.94”
Context: 51
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 84000000Grade: 2.98Grade Unit: %Contained Metal: 2.5Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:516380e1dccc801c9897
- Deposit or zone
- Kakula West
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 84000000
- Grade
- 2.98
- Grade Unit
- %
- Contained Metal
- 2.5
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kakula West is a significant contributor to the project's overall reserves, with good grade and tonnage.
Positive factors
- Strong grade (2.98% Cu) and significant tonnage (84 Mt) for a Probable Reserve at Kakula West.
- Adds substantial contained copper (2.5 Mt) to the reserve base.
Evidence · table
“2.98”
Context: 84
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 33000000Grade: 2.71Grade Unit: %Contained Metal: 0.9Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:b8d547503b18813ec987
- Deposit or zone
- Kansoko Sud
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 33000000
- Grade
- 2.71
- Grade Unit
- %
- Contained Metal
- 0.9
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kansoko Sud provides a solid contribution to the project's reserve base with a good grade.
Positive factors
- Good grade (2.71% Cu) for a Probable Reserve at Kansoko Sud.
- Adds to the overall contained copper (0.9 Mt).
Evidence · table
“2.71”
Context: 33
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 104000000Grade: 2.71Grade Unit: %Contained Metal: 2.8Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:58eda8d9125f9337ef6d
- Deposit or zone
- Kamoa 1
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 104000000
- Grade
- 2.71
- Grade Unit
- %
- Contained Metal
- 2.8
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 1 is a substantial component of the project's reserves, with good grade and significant contained copper.
Positive factors
- Large tonnage (104 Mt) and good grade (2.71% Cu) for a Probable Reserve at Kamoa 1.
- Significant contribution to contained copper (2.8 Mt).
Evidence · table
“2.71”
Context: 104
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 78000000Grade: 2.59Grade Unit: %Contained Metal: 2Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:396b33a9e4bd3a4f37dc
- Deposit or zone
- Kamoa 2
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 78000000
- Grade
- 2.59
- Grade Unit
- %
- Contained Metal
- 2
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 2 is a strong contributor to the project's reserves, with good grade and tonnage.
Positive factors
- Good tonnage (78 Mt) and grade (2.59% Cu) for a Probable Reserve at Kamoa 2.
- Adds significant contained copper (2.0 Mt).
Evidence · table
“2.59”
Context: 78
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 58000000Grade: 2.41Grade Unit: %Contained Metal: 1.4Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:e5c81d24f6acac6cfb2f
- Deposit or zone
- Kamoa 3
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 58000000
- Grade
- 2.41
- Grade Unit
- %
- Contained Metal
- 1.4
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 3 provides a solid contribution to the project's reserve base with good tonnage and grade.
Positive factors
- Good tonnage (58 Mt) and grade (2.41% Cu) for a Probable Reserve at Kamoa 3.
- Adds to the overall contained copper (1.4 Mt).
Evidence · table
“2.41”
Context: 58
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 43000000Grade: 2.46Grade Unit: %Contained Metal: 1Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:4e6fa32dd563b3e8036f
- Deposit or zone
- Kamoa 4
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 43000000
- Grade
- 2.46
- Grade Unit
- %
- Contained Metal
- 1
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 4 provides a solid contribution to the project's reserve base with good tonnage and grade.
Positive factors
- Good tonnage (43 Mt) and grade (2.46% Cu) for a Probable Reserve at Kamoa 4.
- Adds to the overall contained copper (1.0 Mt).
Evidence · table
“2.46”
Context: 43
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 8600000Grade: 2.66Grade Unit: %Contained Metal: 0.2Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:02f48d766cb8439ac2d4
- Deposit or zone
- Kamoa 5
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 8600000
- Grade
- 2.66
- Grade Unit
- %
- Contained Metal
- 0.2
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 5 contributes to the overall reserve base with a good grade, though it is a smaller component.
Positive factors
- Good grade (2.66% Cu) for a Probable Reserve at Kamoa 5.
Negative factors
- Smaller tonnage (8.6 Mt) compared to other deposits.
Evidence · table
“2.66”
Context: 8.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKamoa-Kakula Copper Complex · copperTonnes: 7200000Grade: 2.74Grade Unit: %Contained Metal: 0.2Contained Unit: mtView all detailsHide details
Identity
- Project
- Kamoa-Kakula Copper Complex
- Commodity
- copper
- Region
- drc
- Reported Region
- Democratic Republic of Congo
- Ticker
- IVN
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeremy Witley, Karl van Olden, Tony Nyakudarika, Andrew Savvas
- Resource group id
- resource:2c7cb5b7dbe33c464a5b
- Deposit or zone
- Kamoa 6
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 7200000
- Grade
- 2.74
- Grade Unit
- %
- Contained Metal
- 0.2
- Contained Unit
- mt
- Cutoff Grade
- 1.5
- Cutoff Unit
- % TCu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- Bureau Veritas Minerals
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: This Probable Reserve at Kamoa 6 contributes to the overall reserve base with a good grade, though it is a smaller component.
Positive factors
- Good grade (2.74% Cu) for a Probable Reserve at Kamoa 6.
Negative factors
- Smaller tonnage (7.2 Mt) compared to other deposits.
Evidence · table
“2.74”
Context: 7.2
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.