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Ivanhoe Mines Ltd

www: www.ivanhoemines.com   email: info@ivanhoemines.com
Category: Major
Rating:
Upside Downside Quality
2.0 2.5 B-
Risk: High View History

Rating History

Date Category Rating Risk
Upside Downside Quality
02/21/2026 Major 1.5 2.5BHigh
Current Major 2.0 2.5B-High
Profile
Notes
Forum
Your Data
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Price Data

Symbol Traded Checked Price
TSE:IVN 09/25/2026 09/25/2026 CAD 12.0600
OTCMKTS:IVPAF 09/25/2026 09/25/2026 USD 8.5200

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.92% 0.92% 0.92%
3 Months 6 Months 1 Year
3.61% 10.64% 10.64%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
6 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 02/21/2026)

Ivanhoe Mines has two major projects, plus a significant zinc project. Although they aren't primarily a gold or silver miner, their Platreef PGM project in South Africa contains 7 million ounces of gold (0.25 gpt) and 50 million ounces of AuEq. About 90% of annual production (1 million ounces) will consist of PGMs (platinum group metals), making it the largest PGM mine in the world.

I have included the PGMs in their gold resource estimate. Ivanhoe owns 64% of Platreef, so I attributed 50 million ounces of gold resources to them. Platreef is expected to have low all-in production costs, though more precise figures will become available after the ramp-up phase, scheduled for the second half of 2025. Production growth continues until 20233.

In addition, they have a massive copper project, Kakula-Kamoa, located in the DRC. It has 70 billion lbs of copper with an average grade of 2.3%, making it the largest high-grade copper project globally. Typically, a project with 1 billion pounds is considered large, so this one is huge. Production began in 2021, and Ivanhoe holds a 39% stake. In 2024, production reached 437,000 tonnes, which was at the lower end of their guidance. Production is forecasted to increase to between 520,000 and 580,000 tonnes in 2025. Their third project, Kipushi, is a high-grade zinc operation, also located in the DRC. They own 62% of the project, which entered production in 2024 with an output of 50,000 tonnes. Production is projected to rise to 180,000–240,000 tonnes in 2025.

With all three of their mines expected to be in production, 2026 could be a pivotal year for them. A significant increase in palladium and platinum prices would provide a strong boost. However, the biggest concern remains the geographic one (South Africa and the DRC). The recent unrest in Congo has heightened these risks. Amazingly, the company has a fully diluted market cap of $16 billion, despite operating in these high-risk locations. Much of this can be attributed to its proven management team, led by founder and Co-Chairman, the renowned Robert Friedland.


EI

General Details

Financial 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $16,679.49M $12,191.74M 02/21/2026
MCap (OS): $16,632.40M $12,157.32M 02/21/2026
Total Assets: $5,600.00M $5,600.00M 02/21/2026
Total Liabilities: $1,000.00M $1,000.00M 02/21/2026
Current Assets: $287.00M $287.00M 02/21/2026
Current Liabilities: $211.00M $211.00M 02/21/2026
Total Debt: $1,000.00M $1,000.00M 02/21/2026
Cash: $885.00M $885.00M 02/21/2026
Debt (Net): $115.00M $115.00M
Enterprise Value: $16,794.49M $12,306.74M
Cash Flow: $440.59M $357.88M never
Cash Flow Multiple: 37.86 34.07 never
Net Debt to
Cash Flow Ratio:		 0.26 0.32 never
Finance within 1 year: 02/21/2026
Misc 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,425,962,853 1,425,962,853 02/21/2026
Shares (FD): 1,430,000,000 1,430,000,000 02/21/2026
Insider Ownership: n/a n/a 02/21/2026
Dividend (Annual): n/a n/a 02/21/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2024 02/21/2026
Production (Gold Eq Oz.): (guess) 
100,000		 (guess) 
100,000		 02/21/2026
Production (Silver Eq Oz.): (guess) 
6,027,228		 (guess) 
6,676,817		 02/21/2026
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 02/21/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 02/21/2026
Cash Flow Multiple: 15 15 02/21/2026

Resource Data

GOLD 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 10.00M 10.00M 02/21/2026
Measured & Indicated: 25.00M 25.00M 02/21/2026
Inferred: 25.00M 25.00M 02/21/2026
Reserves & Resources: 50.00M 50.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 9.00M 9.00M 02/21/2026
Measured & Indicated: 19.80M 19.80M 02/21/2026
Inferred: 11.25M 11.25M 02/21/2026
Reserves & Resources: 31.05M 31.05M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
100,000oz.		 (guess) 
100,000oz.		 02/21/2026
Cash Cost: $1 $1 02/21/2026
Extra Operating Cost: $700 $700 02/21/2026
Total: $701 $701 02/21/2026
Margin (Free Cash Flow): $4,406 (86%) $3,579 (84%)
MCap / Production (AuEq): $166,794.89 $121,917.38
EV / Production (AuEq): $167,944.89 $123,067.38
G
R
A
D
E		 Underground (Avg): 3.50 g/t 3.50 g/t 02/21/2026
Open Pit (Avg): n/a n/a 02/21/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/21/2026
F
U
T
U
R
E		 Proven & Probable: 25.00M 25.00M 02/21/2026
Annual Production: 900,000oz. 900,000oz. 02/21/2026
Cash Cost: $1 $1 02/21/2026
Extra Operating Cost: $700 $700 02/21/2026
SILVER 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/21/2026
Measured & Indicated: n/a n/a 02/21/2026
Inferred: n/a n/a 02/21/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/21/2026
Measured & Indicated: n/a n/a 02/21/2026
Inferred: n/a n/a 02/21/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/21/2026
Extra Operating Cost: n/a n/a 02/21/2026
Total: n/a n/a 02/21/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $2,767.36 $1,825.98
EV / Production (AgEq): $2,786.44 $1,843.20
G
R
A
D
E		 Underground (Avg): n/a n/a 02/21/2026
Open Pit (Avg): n/a n/a 02/21/2026
Recovery Rate: n/a n/a 02/21/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 02/21/2026
Annual Production: n/a n/a 02/21/2026
Cash Cost: n/a n/a 02/21/2026
Extra Operating Cost: n/a n/a 02/21/2026

Property

Last Analysis Data  (02/21/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Kakula-Kamoa
100 show
70 billion lbs of copper.

Huge copper mine.

1 billion capex.

$460M in revenue in 2022.
Increasing 30% in 2024.
Prod Kipushi
68 show
38% Zinc

$400 million capex.
Prod Platreef
64 show
Mostly a PGM Mine

7 million oz of gold at .26 gpt.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Kakula-Kamoa
100 show
70 billion lbs of copper.

Huge copper mine.

1 billion capex.

$460M in revenue in 2022.
Increasing 30% in 2024.
Prod Kipushi
68 show
38% Zinc

$400 million capex.
Prod Platreef
64 show
Mostly a PGM Mine

7 million oz of gold at .26 gpt.

Profitability (by resource)

Proven &
Probable		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 10.00M 10.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.00M 9.00M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $39,652.83M $32,209.56M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $39,652.83M $32,209.56M n/a
Max Profit / Current MCap: 2.377 2.642 n/a
Max Profit Per Share (Gold): $27.73 $22.52 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $27.73 $22.52 n/a
Total Free Profit Per Share: $11.76 $10.46 n/a
FD MCap / Gold Eq.: $1,853.28 $1,354.64 n/a
FD MCap / Silver Eq.: $30.75 $20.29 n/a
FD MCap / Per Metal
as % Spot Price:		 36.29% 31.65% n/a
EV / Gold Eq.: $1,866.05 $1,367.42 n/a
EV / Silver Eq.: $30.96 $20.48 n/a
EV / Per Metal
as % Spot Price:		 36.54% 31.95% n/a
Measured &
Indicated		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 25.00M 25.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.80M 19.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $87,236.23M $70,861.03M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $87,236.23M $70,861.03M n/a
Max Profit / Current MCap: 5.230 5.812 n/a
Max Profit Per Share (Gold): $61.00 $49.55 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $61.00 $49.55 n/a
Total Free Profit Per Share: $45.03 $37.49 n/a
FD MCap / Gold Eq.: $842.40 $615.74 n/a
FD MCap / Silver Eq.: $13.98 $9.22 n/a
FD MCap / Per Metal
as % Spot Price:		 16.50% 14.39% n/a
EV / Gold Eq.: $848.21 $621.55 n/a
EV / Silver Eq.: $14.07 $9.31 n/a
EV / Per Metal
as % Spot Price:		 16.61% 14.52% n/a

Reserves &
Resources		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 50.00M 50.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 31.05M 31.05M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $136,802.26M $111,122.98M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $136,802.26M $111,122.98M n/a
Max Profit / Current MCap: 8.202 9.115 n/a
Max Profit Per Share (Gold): $95.67 $77.71 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $95.67 $77.71 n/a
Total Free Profit Per Share: $79.70 $65.65 n/a
FD MCap / Gold Eq.: $537.18 $392.65 n/a
FD MCap / Silver Eq.: $8.91 $5.88 n/a
FD MCap / Per Metal
as % Spot Price:		 10.52% 9.17% n/a
EV / Gold Eq.: $540.89 $396.35 n/a
EV / Silver Eq.: $8.97 $5.94 n/a
EV / Per Metal
as % Spot Price:		 10.59% 9.26% n/a

Future Valuation (Cash Flow & Totals)

Totals 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
C
U
R
R
E
N
T		 R & R Valuation: $39,642.08M $33,222.26M n/a
FD MCap: $16,679.49M $12,191.74M n/a
Annual Gold Production: (guess) 
100,000oz.		 (guess) 
100,000oz.		 02/21/2026
Annual Silver Production: n/a n/a
F

U

T

U

R

E		 FD MCap (Resources): $37,500.00M $43,750.00M n/a
FD MCap Growth (Resources): 125% 259% n/a
FD MCap (Cash Flow): $71,536.50M $85,037M n/a
FD MCap Growth (Cash Flow): 329% 597% n/a
Estimated
Price		 USD: $50.03 $59.47 n/a
CAD: $68.4936 $84.1176 n/a
Ratio FD MCap (Resources : Cash Flow): 0.52 0.51 n/a
Annual
Production		 Gold: 900,000 oz. 900,000 oz. n/a
Silver: n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 667.18 487.67 n/a
Silver Eq. Reserves: 16.68 13.93 n/a
Gold Eq. Production: 18,532.77 13,546.38 n/a
Silver Eq. Production: 463.32 387.04 n/a
P&P
Reserves
(oz.)		 Gold: 25.00M 25.00M 02/21/2026
Silver: n/a n/a 02/21/2026
Gold Eq.: 25.00M 25.00M 02/21/2026
Silver Eq.: 1,000.00M 875.00M 02/21/2026
P&P Reserves
per FD
Share (oz.)		 Gold: 0.017 0.017 n/a
Silver: n/a n/a n/a
Gold Eq.: 0.017 0.017 n/a
Silver Eq.: 0.699 0.612 n/a
Free Cash Flow 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Current: $440.59M $357.88M n/a
Current Multiple: 37.86 34.07 n/a
Current FCF/MCap Ratio: 2.64% 2.94% n/a
Current FCF/Share: $0.31 $0.25 n/a
F
U
T
U
R
E		 @ current pm prices: $3,965.28M $3,220.96M n/a
Multiple @ current pm prices: 4.21 3.79 n/a
Growth @ current pm prices: 800.00% 800.00% n/a
@ future prices: $4,769.10M $5,669.10M n/a
Multiple @ future prices: 3.50 2.15 n/a
Growth @ future prices: 1,484.06% 1,484.06% n/a

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