Ivanhoe Mines Announces Completion of Three Major Project Milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine

Ivanhoe Mines announced three major development milestones at its Platreef mine: completion of the 4 Mtpa Shaft #3 (raising hoisting capacity to ~5.0 Mtpa), ground-breaking for the 3.3 Mtpa Phase 2 concentrator (targeted Q4 2027 completion), and the start of widening Shaft #2 (10 m final diameter; ready to hoist ore by end-2029). Management projects Phase 2 will lift annualized production to over 450,000–460,000 ounces of platinum‑group metals plus gold (3PE+Au) and substantial nickel and copper by‑products, at an estimated Phase 2 cash cost of $599/oz (falling to $511/oz after Phase 3). With a 3PE+Au basket spot price near $2,000/oz (Apr 22, 2026), the milestones improve Platreef’s economics and support a bullish outlook for Ivanhoe’s exposure and for supply dynamics in the platinum‑group and associated base metals markets.