Ivanhoe Mines announced the results of an updated, independent technical report for the Kamoa-Kakula Copper Complex. The Kamoa-Kakula Copper Complex is operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining. Kamoa Holding holds an 80% interest in the Kamoa-Kakula Copper Complex, with the DRC government holding the remaining 20% interest.
Ivanhoe Mines and Zijin Mining, therefore, each hold an indirect 39.6% interest in Kamoa-Kakula, with Crystal River holding an indirect 0.8% interest. The Kamoa-Kakula MRE underpins a mine plan for the Kamoa-Kakula Copper Complex to ramp up production to over 500,000 tonnes of copper per annum from 2028 onwards. This includes the Phase 1, 2 and 3 concentrator operations at a steady-state rate of 17 million tonnes per annum over approximately 25 years.
The updated Mineral Reserve estimate is 466 million tonnes of ore at a grade of 2.82% copper, containing 13.1 million tonnes of copper. This estimate incorporates changes to the mine design and extraction sequence, which takes into consideration cautious geotechnical parameters adopted based on analysis by world-leading experts. Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has now commenced work on an optimized Feasibility Study, which will cover the first five years in high-definition and will take into consideration additional information to be gathered in the coming months, particularly as dewatering of the Kakula Mine is completed.
Kamoa-Kakula Copper Complex is a long-life, high-grade underground mining operation. The updated Indicated Mineral Resource estimate is relatively unchanged at 1.27 billion tonnes of ore at a grade of 2.65%, containing approximately 34 million tonnes of copper, supporting long-term optionality, including the potential for a Phase 4 expansion. In addition, the Inferred Mineral Resources consist of a further 336 million tonnes grading 1.82%, containing approximately 6.1 million tonnes of copper.
. The Kamoa-Kakula MRE, dated March 31, 2026, and titled ?Kamoa-Kakula Mineral Reserve and Mineral Resource Technical Report? with an effective date of December 31, 2025, was prepared by AMC Mining Consultants South Africa (Pty) Ltd. and MSA Group (Pty) Ltd, covering the company?s Kamoa-Kakula Copper Complex.
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. The difference in Mineral Reserves between the Kamoa-Kakula MRE and the Kamoa-Kakula 2023 Integrated Development Plan (2023 IDP), filed on March 16, 2023, is attributable to five key changes: Removal of the old Kakula Mine from the Mineral Reserves, some of which is excluded as the Mature Extraction Zone (previously extracted to >70% extraction) and some of which is reclassified as Inferred Mineral Resources until safe access is re-established and extraction methodology can be proven; Reduced global extraction ratio of ~60%, based on increased pillar widths, and revised mine designed to ensure stability based on design guidelines extrapolated from Kakula findings; Update in overall mine design philosophy, with increased proportions of high-productivity stoping, thus increasing the mining dilution, and associated development of peripheral accesses and infrastructure ahead of the mining front; Selective drop in cut-off grade from 2.0% to 1.5% opening up additional mining areas; and increasing efficiencies through extracting more of the overall orebody; and Conversion of resources to reserves for Kamoa 3, 4, 5 and 6 Mines, utilizing existing cautious underground design guidelines. The optimized Feasibility Study will link together multi-disciplinary data gathered over the coming months from a comprehensive drilling and mapping program, which is expected to start in Second Quarter 2026.
The results will enable a higher-definition model of geological, geotechnical and hydrological variability across Kamoa-Kakula?s orebody domains, enabling a more dynamic and customized mine design across different sections of the mine, with the potential to improve costs, increase extraction ratios and reduce planned dilution. Revised 2026 and 2027 production and cash cost (C1) guidance includes updated mine designs at both the Kamoa and Kakula mines which include a longer period of up-front development to support a more sustainable future rate of mining. Development will be focused over the next two years to complete more peripheral development around the Kakula Mine before stoping of the newly developed areas begin.
Cash cost (C1) guidance is based primarily on assumptions, including tonnes of ore mined, feed grades of processed copper ore, concentrator recoveries, as well as the timing and ramp-up of the on-site smelter, among other variables. Cash cost (C1) is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, stockpile rehandling charges, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination (typically China), which are recognized as a component of sales revenues, are added to cash cost (C1) to arrive at an approximate cost of delivered finished metal.
Ivanhoe Mines maintains a comprehensive chain of custody and QA/QC program on assays from its Kamoa-Kakula Copper Project. The half-sawn core is processed at its on-site preparation laboratory in Kamoa, prepared samples then are shipped by secure courier to Bureau Veritas Minerals Laboratories in Australia, an ISO17025 accredited facility. Copper assays are determined at BVM by mixed-acid digestion with an ICP finish.
Industry-standard certified reference materials and blanks are inserted into the sample stream before dispatch to BVM.
