Ivanhoe Mines announced at the 31st BMO Global Metals & Mining Conference that the company's South African subsidiary, Ivanplats, and its partners, welcome the outstanding positive findings of an independent Platreef 2022 Feasibility Study for the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold project in South Africa. The 2022 Feasibility Study provides the blueprint for the ongoing development of Platreef and builds on the excellent results of the preliminary economic assessment (PEA) for a phased-development scenario to expedite production, announced in November 2020, alongside the 2020 Feasibility Study. The Platreef 2022 Feasibility Study is based on a steady state production rate of 5.2 million tonnes per annum (Mtpa), as well as an accelerated ramp up to steady state through the earlier development of Shaft 2. The 2022 Feasibility Study is based on the detailed design and engineering scenario first presented in the 2020 PEA, confirming the viability of a new phased development pathway to fast-track Platreef into production by Third Quarter 2024.

The Platreef 2022 Feasibility Study first phase of production includes an initial 700,000 tonnes per annum (700 ktpa) underground mine and 770-ktpa-capacity concentrator, targeting high-grade mining areas close to the project's recently completed Shaft 1. Platreef's Phase 2, 5.2-Mtpa steady state production rate would rank it as the world's fifth largest primary platinum-group metals (PGM) mine on a palladium equivalent basis, with annual forecast production of more than 590,000 ounces of palladium, platinum, rhodium and gold, plus more than 40 million pounds of nickel and copper. The Platreef 2022 Feasibility Study reflects the initial two phases of development for the Platreef Mine. Previous studies have demonstrated the resource base for future expansions up to 12 Mtpa, which would position Platreef among the very largest PGM producing mines in the world.