# Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99 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: 2026-08-21 18:50:10 UTC Narrative sentiment: -0.60 · Bearish ## Minestarters Atlas summary Ivanhoe Mines announced updated independent study results for its Kamoa-Kakula Copper Complex, including revised Mineral Resource and Reserve estimates. The Indicated Mineral Resource saw an 8% reduction in contained copper, and the Probable Mineral Reserve experienced a 25% reduction in contained copper. Additionally, the company significantly lowered its copper production guidance for 2026 and 2027, while increasing cash cost guidance for the same period, citing adverse geotechnical and hydrological conditions and a focus on long-term infrastructure development. Reasoning: The updated resource and reserve estimates show a material reduction in contained copper for higher confidence categories, coupled with significant downgrades in near-term production guidance and increased cash costs. While long-term targets remain strong, the immediate operational challenges and reductions in key metrics lead to a negative interpretation. - Positive factor: The updated Mineral Resource and Reserve estimates are NI 43-101 compliant and signed off by Qualified Persons, providing high confidence in the data. - Positive factor: The project maintains a multi-decade mine life and targets over 500,000 tonnes of copper production annually from 2028 onwards, indicating strong long-term potential. - Positive factor: A Feasibility Study is in progress to optimize the mine plan and increase definition over the first five years, suggesting ongoing efforts to improve operations. - Negative factor: The Indicated Mineral Resource contained copper decreased by 8% and the Probable Mineral Reserve contained copper decreased by 25% compared to previous estimates. - Negative factor: Production guidance for 2026 and 2027 has been significantly revised downwards, and cash costs \(C1\) have increased for both years. - Negative factor: The cut-off grade for Mineral Reserves was selectively lowered from 2.0% to 1.5%, which can artificially inflate tonnage and dilute overall grade. - Negative factor: Adverse geotechnical and hydrological conditions have impacted development rates, contributing to the revised near-term production outlook. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 23 ## Classification and evidence **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: The document explicitly states that the Kamoa-Kakula MRE was prepared by independent Qualified Persons and names them. Evidence · text > The independent Qualified Persons responsible for preparing the Kamoa-Kakula MRE are; Karl van Olden \(Global Lead - Underground Mining at AMC Consultants \(Pty\) Limited\); Jeremy Witley \(Principal Mineral Resource Consultant at MSA Group\); Tony Nyakudarika \(Process Consultant at DRA\); and Andrew Savvas \(Director at Epoch\). **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document states that the Kamoa-Kakula MRE is National Instrument 43-101-compliant. Evidence · text > The National Instrument 43-101-compliant Kamoa-Kakula MRE will be filed on SEDAR+ at www.sedarplus.ca and on the Ivanhoe Mines website at www.ivanhoemines.com concurrently with the issuance of this news release. **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' and refers to an 'updated Mineral Resource estimate'. Evidence · text > Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document states that a 'Feasibility Study now in progress to optimize the mine plan'. Evidence · text > Feasibility Study now in progress to optimize the mine plan and increase definition over the first five years **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 reports 'Indicated Mineral Resource estimate of 1.3 billion tonnes'. 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, underpinning significant long-term optionality **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 reports 'Inferred Mineral Resources consist of a further 336 million tonnes'. 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. **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Mineral Reserve of 0.5 billion tonnes' which is detailed as 'Probable Mineral Reserve' in Table 2. Evidence · text > Mineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million tonnes of copper, supports multi-decade mine life **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: The 2025 Indicated Mineral Resource estimate for the Kamoa-Kakula Copper Complex reduced by 3.0 million tonnes of contained copper, or 8%, compared with the previous technical report. Evidence · text > The 2025 Indicated Mineral Resource estimate for the Kamoa-Kakula Copper Complex reduced by 3.0 million tonnes of contained copper, or 8%, compared with the previous technical report as of December 31, 2022 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 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. 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. **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The document mentions a 'Selective drop in cut-off grade from 2.0% to 1.5% opening up additional mining areas' for the Mineral Reserve. Evidence · text > Selective drop in cut-off grade from 2.0% to 1.5% opening up additional mining areas **Production Guidance Downgrade** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Kamoa-Kakula production guidance has been revised down to 290,000 to 330,000 tonnes of copper anodes in 2026, and 380,000 to 420,000 tonnes of copper anodes in 2027, from original guidance of 380,000-420,000t and 500,000-540,000t respectively. Evidence · text > Kamoa-Kakula Copper Complex production guidance has been revised to 290,000 to 330,000 tonnes of copper anodes in 2026, and 380,000 to 420,000 tonnes of copper anodes in 2027. **Cash Cost Increase** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Revised Kamoa-Kakula cash cost \(C1\) guidance to $2.60/lb. to $3.00/lb. for 2026, decreasing to $2.10/lb. to $2.50/lb. for 2027, which is higher than the original guidance of $2.20-2.50/lb. and $1.90-2.30/lb. respectively. Evidence · text > Revised Kamoa-Kakula cash cost \(C1\) guidance to $2.60/lb. to $3.00/lb. for 2026, decreasing to $2.10/lb. to $2.50/lb. for 2027 **Accredited Lab** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Bureau Veritas Minerals \('BVM'\) Laboratories in Australia is mentioned as an ISO17025 accredited facility. Evidence · text > Bureau Veritas Minerals \("BVM"\) Laboratories in Australia, an ISO17025 accredited facility. **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document describes Kamoa-Kakula Copper Complex as a 'long-life, high-grade underground mining operation'. Evidence · text > Kamoa-Kakula Copper Complex is a long-life, high-grade underground mining operation. ## Extracted facts Stored fact records: 23. Some facts used in scoring do not have a stored record. ## Resource Estimates (23) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-0) Kamoa · copper #### Identity - Project: Kamoa - Commodity: copper - Ticker: IVN #### Resource Data - Category: indicated - Tonnes: 750000000 - Grade: 2.73 - Grade Unit: % - Contained Metal: 21000000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A large indicated resource with a good grade, contributing to the overall project's long-term potential. - Positive factor: High tonnage and grade for an indicated resource. - Positive factor: Part of a world-class copper complex. Evidence · table > 750 Context: Kamoa ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-1) Kamoa · copper #### Identity - Project: Kamoa - Commodity: copper - Ticker: IVN #### Resource Data - Category: inferred - Tonnes: 235000000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 4000000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A substantial inferred resource, providing future exploration and conversion potential, though with lower confidence. - Positive factor: Adds to the overall resource base and future potential. Evidence · table > 235 Context: Inferred ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-2) Kakula · copper #### Identity - Project: Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: indicated - Tonnes: 523000000 - Grade: 2.53 - Grade Unit: % - Contained Metal: 13000000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A large indicated resource with a good grade, contributing to the overall project's long-term potential. - Positive factor: High tonnage and grade for an indicated resource. - Positive factor: Part of a world-class copper complex. Evidence · table > 523 Context: Kakula ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-3) Kakula · copper #### Identity - Project: Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: inferred - Tonnes: 75000000 - Grade: 2.1 - Grade Unit: % - Contained Metal: 1200000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A substantial inferred resource, providing future exploration and conversion potential, though with lower confidence. - Positive factor: Adds to the overall resource base and future potential. Evidence · table > 75 Context: Inferred ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-4) Kakula · copper #### Identity - Project: Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: inferred - Tonnes: 26000000 - Grade: 3.5 - Grade Unit: % - Contained Metal: 900000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A substantial inferred resource, providing future exploration and conversion potential, though with lower confidence. - Positive factor: Adds to the overall resource base and future potential, with a higher grade. Evidence · table > 26 Context: Inferred Pillars ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-5) Kamoa-Kakula · copper #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: indicated - Tonnes: 1272000000 - Grade: 2.65 - Grade Unit: % - Contained Metal: 34000000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A very large indicated resource with a high copper grade, supporting the project's long-term potential, despite a reduction in contained metal from the prior estimate. - Positive factor: World-class scale and grade for an indicated resource. - Positive factor: Underpins significant long-term optionality. - Negative factor: Contained copper reduced by 8% compared to the previous estimate. Evidence · table > 1,272 Context: Total Kamoa-Kakula Indicated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-6) Kamoa-Kakula · copper #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: inferred - Tonnes: 336000000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 6100000 - Contained Unit: t - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A substantial inferred resource that adds to the overall project scale and future potential, showing growth in contained metal. - Positive factor: Significant inferred resource base, with a 17% increase in contained copper. Evidence · table > 336 Context: Total Kamoa-Kakula Inferred ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-7) Kamoa-Kakula · copper #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 466000000 - Grade: 2.82 - Grade Unit: % - Contained Metal: 13100000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A significant probable reserve, but with a substantial reduction in contained copper and a lowered cut-off grade, indicating a less robust economic profile than previously. - Positive factor: Supports a multi-decade mine life. - Positive factor: High copper grade for a probable reserve. - Negative factor: Contained copper reduced by 25% compared to the previous estimate. - Negative factor: Cut-off grade was lowered from 2.0% to 1.5%, which can dilute the overall quality of the reserve. Evidence · table > 466 Context: Probable Mineral Reserve ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-8) Kakula · copper #### Identity - Project: Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 51000000 - Grade: 3.94 - Grade Unit: % - Contained Metal: 2000000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A high-grade component of the probable reserve, contributing positively to the overall project economics. - Positive factor: Very high copper grade for a probable reserve. Evidence · table > 51 Context: Kakula ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-9) Kakula West · copper #### Identity - Project: Kakula West - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 84000000 - Grade: 2.98 - Grade Unit: % - Contained Metal: 2500000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A significant component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 84 Context: Kakula West ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-10) Kansoko Sud · copper #### Identity - Project: Kansoko Sud - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 33000000 - Grade: 2.71 - Grade Unit: % - Contained Metal: 900000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 33 Context: Kansoko Sud ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-11) Kamoa 1 · copper #### Identity - Project: Kamoa 1 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 104000000 - Grade: 2.71 - Grade Unit: % - Contained Metal: 2800000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A significant component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 104 Context: Kamoa 1 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-12) Kamoa 2 · copper #### Identity - Project: Kamoa 2 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 78000000 - Grade: 2.59 - Grade Unit: % - Contained Metal: 2000000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A significant component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 78 Context: Kamoa 2 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-13) Kamoa 3 · copper #### Identity - Project: Kamoa 3 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 58000000 - Grade: 2.41 - Grade Unit: % - Contained Metal: 1400000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 58 Context: Kamoa 3 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-14) Kamoa 4 · copper #### Identity - Project: Kamoa 4 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 43000000 - Grade: 2.46 - Grade Unit: % - Contained Metal: 1000000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 43 Context: Kamoa 4 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-15) Kamoa 5 · copper #### Identity - Project: Kamoa 5 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 8600000 - Grade: 2.66 - Grade Unit: % - Contained Metal: 200000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A smaller component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 8.6 Context: Kamoa 5 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-16) Kamoa 6 · copper #### Identity - Project: Kamoa 6 - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 7200000 - Grade: 2.74 - Grade Unit: % - Contained Metal: 200000 - Contained Unit: t - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: A smaller component of the probable reserve with a good copper grade. - Positive factor: Good grade for a probable reserve. Evidence · table > 7.2 Context: Kamoa 6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-17) Kamoa-Kakula · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 7800000 - Grade: 5.38 - Grade Unit: % - Contained Metal: 419000 - Contained Unit: t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-12-31T00:00:00.000Z #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Historical depletion data, showing past production. Evidence · table > 7.8 Context: 2023 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-18) Kamoa-Kakula · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 12000000 - Grade: 4.42 - Grade Unit: % - Contained Metal: 518000 - Contained Unit: t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-31T00:00:00.000Z #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Historical depletion data, showing past production. Evidence · table > 12 Context: 2024 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-19) Kamoa-Kakula · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 10000000 - Grade: 3.21 - Grade Unit: % - Contained Metal: 327000 - Contained Unit: t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-31T00:00:00.000Z #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Historical depletion data, showing past production. Evidence · table > 10 Context: 2025 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-20) Kamoa-Kakula · copper Historical result Needs review: historical\_restatement #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Resource Data - Category: probable - Tonnes: 29700000 - Grade: 4.26 - Grade Unit: % - Contained Metal: 1264000 - Contained Unit: t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-12-31T00:00:00.000Z #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Historical depletion data, showing past production. Evidence · table > 29.7 Context: 2023-2025 Total ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-21) Kamoa-Kakula · copper #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Revised guidance shows a substantial reduction in expected production and an increase in operating costs for 2026, indicating near-term operational challenges. - Negative factor: Significant downgrade in production guidance compared to original. - Negative factor: Increase in cash cost guidance compared to original. Evidence · table > 290,000 - 330,000 Context: Contained copper in anode or blister \(tonnes\) ### Fact 23 [Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-mines-announces-updated-independent-study-results-for-the-kamoa-kakula-c--2ff17acd-abd6-4ed8-8dca-5b40f1ec6b99#fact-resource-facts-22) Kamoa-Kakula · copper #### Identity - Project: Kamoa-Kakula - Commodity: copper - Ticker: IVN #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Revised guidance shows a substantial reduction in expected production and an increase in operating costs for 2027, indicating continued near-term operational challenges. - Negative factor: Significant downgrade in production guidance compared to original. - Negative factor: Increase in cash cost guidance compared to original. Evidence · table > 380,000 - 420,000 Context: Contained copper in anode or blister \(tonnes\) ## 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.