# Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439

Original source: https://money.tmx.com/en/quote/IVN/news/6734883494879497/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c

Publisher: tmx

Original announcement: 2026-03-31T20:02:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- 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

Narrative sentiment: -0.10 · Bearish

## Minestarters Atlas 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 factor: World-class Indicated Mineral Resource estimate remains robust at 34 million tonnes of contained copper, underpinning long-term optionality.

- Positive factor: Updated mine plan supports ramp-up of production profile to over 500,000 tonnes of copper from 2028 onwards.

- Positive factor: Long-term cash cost \(C1\) target of ~$2.00/lb from 2028 is competitive.

- Positive factor: NI 43-101 compliant technical report prepared by independent Qualified Persons.

- Positive factor: On-site smelter is ramping up ahead of schedule, delivering additional margin and by-product sulphuric acid sales.

- Negative factor: Mineral Reserve estimate reduced by 25% \(4.4 million tonnes of contained copper\) compared to the previous estimate.

- Negative factor: Production guidance for 2026 and 2027 revised downwards due to conservative geotechnical parameters and development challenges.

- Negative factor: Cash cost \(C1\) guidance for 2026 and 2027 revised upwards.

- Negative factor: Mine plan refocused on developing long-term infrastructure, delaying near-term stoping at Kakula until H1 2027.

- Negative factor: 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 Update**

Polarity: neutral

Definition: 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 Compliant**

Polarity: positive

Definition: 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 Signed**

Polarity: positive

Definition: 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 Disclosed**

Polarity: positive

Definition: 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 Resource**

Polarity: positive

Definition: 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 Reserve**

Polarity: positive

Definition: 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 Decline**

Polarity: negative

Definition: 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 Decline**

Polarity: negative

Definition: 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 Resource**

Polarity: negative

Definition: 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)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-0)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: High-grade Indicated Resource \(2.73% Cu\) for a large tonnage \(750 Mt\) at a world-class project.

- Positive factor: Contributes significantly to the overall contained copper of the project.

Evidence · table

> 2.73

Context: 750

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-1)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Adds to the overall resource base with significant tonnage \(235 Mt\) and contained copper \(4.0 Mt\).

- Negative factor: Lower confidence Inferred category.

- Negative factor: Grade \(1.7% Cu\) is lower than the Indicated resources.

Evidence · table

> 1.7

Context: 235

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-2)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Large Indicated Resource \(523 Mt\) with a strong grade \(2.53% Cu\) for the Kakula deposit.

- Positive factor: Significant contribution to the project's overall contained copper.

Evidence · table

> 2.53

Context: 523

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-3)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Adds to the overall resource base with good tonnage \(75 Mt\) and contained copper \(1.2 Mt\).

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 2.1

Context: 75

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-4)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: High-grade Inferred Resource \(3.5% Cu\) from pillars, indicating potential for future extraction.

- Positive factor: Adds to the overall contained copper.

- Negative factor: Lower confidence Inferred category.

- Negative factor: Pillar material may have specific extraction challenges.

Evidence · table

> 3.5

Context: 26

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-5)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: World-class Indicated Resource \(1.27 billion tonnes at 2.65% Cu\) for the entire complex, providing long-term optionality.

- Positive factor: Massive contained copper \(34 Mt\) underpins the project's significance.

Evidence · table

> 2.65

Context: 1,272

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-6)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Significant Inferred Resource \(336 Mt\) adding to the overall scale and future potential of the complex.

- Positive factor: Substantial contained copper \(6.1 Mt\) provides exploration upside.

- Negative factor: Lower confidence Inferred category.

Evidence · table

> 1.8

Context: 336

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-7)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Large Probable Mineral Reserve \(466 Mt\) supports a multi-decade mine life.

- Positive factor: High grade \(2.82% Cu\) for a reserve estimate.

- Negative factor: Significant reduction \(25% or 4.4 Mt\) in contained copper compared to the previous estimate.

- Negative factor: Grade \(2.82% Cu\) is lower than the previous estimate \(3.91% Cu\).

Evidence · table

> 2.82

Context: 466

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-8)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Very high-grade Probable Reserve \(3.94% Cu\) for the Kakula deposit.

- Positive factor: Significant contained copper \(2.0 Mt\) from a key mining area.

Evidence · table

> 3.94

Context: 51

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-9)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Strong grade \(2.98% Cu\) and significant tonnage \(84 Mt\) for a Probable Reserve at Kakula West.

- Positive factor: Adds substantial contained copper \(2.5 Mt\) to the reserve base.

Evidence · table

> 2.98

Context: 84

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-10)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good grade \(2.71% Cu\) for a Probable Reserve at Kansoko Sud.

- Positive factor: Adds to the overall contained copper \(0.9 Mt\).

Evidence · table

> 2.71

Context: 33

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-11)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Large tonnage \(104 Mt\) and good grade \(2.71% Cu\) for a Probable Reserve at Kamoa 1.

- Positive factor: Significant contribution to contained copper \(2.8 Mt\).

Evidence · table

> 2.71

Context: 104

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-12)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good tonnage \(78 Mt\) and grade \(2.59% Cu\) for a Probable Reserve at Kamoa 2.

- Positive factor: Adds significant contained copper \(2.0 Mt\).

Evidence · table

> 2.59

Context: 78

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-13)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good tonnage \(58 Mt\) and grade \(2.41% Cu\) for a Probable Reserve at Kamoa 3.

- Positive factor: Adds to the overall contained copper \(1.4 Mt\).

Evidence · table

> 2.41

Context: 58

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-14)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good tonnage \(43 Mt\) and grade \(2.46% Cu\) for a Probable Reserve at Kamoa 4.

- Positive factor: Adds to the overall contained copper \(1.0 Mt\).

Evidence · table

> 2.46

Context: 43

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-15)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good grade \(2.66% Cu\) for a Probable Reserve at Kamoa 5.

- Negative factor: Smaller tonnage \(8.6 Mt\) compared to other deposits.

Evidence · table

> 2.66

Context: 8.6

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--049e3446-7efe-416b-8e7b-c15f2459c439#fact-resource-facts-16)

Kamoa-Kakula Copper Complex · copper

#### 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 factor: Good grade \(2.74% Cu\) for a Probable Reserve at Kamoa 6.

- Negative factor: Smaller tonnage \(7.2 Mt\) compared to other deposits.

Evidence · table

> 2.74

Context: 7.2

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PFS-Supporting**

Polarity: neutral

Definition: 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-Supporting**

Polarity: neutral

Definition: 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.