Ivanhoe Mines Enters Flatreef Orebody, Boosting Platinum Production Potential

Ivanhoe Mines has reached a major milestone at its Platreef Mine in South Africa by entering the high-grade Flatreef orebody, marking over 30 years of exploration and development efforts. The Flatreef deposit is notable for its large, flat-lying geometry and polymetallic content, including platinum, palladium, rhodium, nickel, gold, and copper, with 59 million ounces of precious metals in Indicated Resources and 94 million ounces in Inferred Resources. Mining crews have begun underground development on multiple levels, with the first blast of high-grade ore occurring in May 2025, and commercial production is scheduled to start in the fourth quarter of 2025. Construction of Africa’s largest hoisting shaft, Shaft 2, is progressing well and will increase the mine's hoisting capacity to over 12 million tonnes annually, facilitating large-scale, low-cost extraction. Platreef is expected to become one of the world’s largest and lowest-cost producers of platinum group metals, with a projected life-of-mine total cash cost of $599 per ounce. This achievement positions Ivanhoe as a leading polymetallic mining company with a robust operational outlook despite some financial risks noted by analysts.