South African President Cyril Ramaphosa Officially Opens Ivanhoe’s Platreef Critical Metals Mine

Masodi Wastewater Treatment Works officially opened, an industry-leading, public-private partnership to sustainably source water for the Platreef Mine

Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announced that on November 18, 2025, President Cyril Ramaphosa of the Republic of South Africa officially opened the Platreef platinum-palladium-nickel-rhodium-gold-copper mine. The ceremony took place ahead of the 2025 G20 Summit in Johannesburg, scheduled for November 22–23.

The event was attended by national, provincial, and local dignitaries, including former President and Ivanhoe Mines board member Kgalema Motlanthe and Limpopo Premier Dr. Phophi Ramathuba.

Representatives from Ivanhoe Mines, Ivanplats, the company’s broad-based Black Economic Empowerment (B-BBEE) partners, and the Japanese partnership consortium—ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC), and Japan Gas Corporation—were present.

President Ramaphosa unveiled a commemorative plaque and performed a ribbon-cutting at the concentrator before initiating the start-up of the concentrator’s operations. A ceremony followed, attended by more than 2,000 people, including Platreef employees—70% of whom are from local communities and nearly 30% women.

Remarks from Ivanhoe Mines Founder Robert Friedland

Ivanhoe Mines founder and Executive Co-Chairman Robert Friedland reflected on the project’s long journey, the early challenges faced in developing the mine, and the inspiration drawn from South Africa’s democratic transition.

He emphasized that Platreef will become the largest precious-metals mine on the African continent, with Phase 1 representing only the beginning. He highlighted the project’s ownership structure, noting that 150,000 historically disadvantaged local residents collectively hold 26% of the mine through independent trusts. He also thanked the company’s Japanese partners and the leadership of former President Motlanthe and President Ramaphosa.

Remarks from President Cyril Ramaphosa

President Ramaphosa described the start of production at Platreef as the culmination of more than 27 years of exploration, development, and perseverance. He emphasized that Platreef marks a new era for South African mining, with community members participating not only as workers but also as equity owners. He praised the project as a model for inclusive development and as a milestone for both Mokopane and the country’s broader mining industry.

First Concentrate Production from the Phase 1 Concentrator

The Platreef Phase 1 concentrator entered the final stages of hot commissioning on October 29, 2025, with first ore feed. First concentrate was officially produced during the November 18 ceremony.

Underground development of the Flatreef orebody on the 850-metre level began on April 30, 2025. As of October 30, a total of 391 metres of ore development had been completed. Of the 21,702 tonnes of development ore blasted, 15,369 tonnes have been hoisted to surface. Development on the 750-metre level has also begun, with ore hoisted via Shaft #1 to surface stockpiles. Lower-grade development ore will feed the 0.8-Mtpa Phase 1 concentrator during ramp-up.

Shaft #3 equipping—expected to increase hoisting capacity more than fourfold to 5 Mtpa—is progressing well and remains on schedule for commissioning in March 2026. Long-hole stoping is expected to begin in early Q2 2026.

The underground delineation drilling program has totaled 16,110 metres to date, with assays reconciling well with Ivanplats’ geological models and mine plan.

Ivanplats’ workforce has grown to more than 2,200 employees and contractors, more than 70% from local communities and 26% female. Hiring will continue ahead of Phase 1 ramp-up and Phase 2 development.

Masodi Wastewater Treatment Works Officially Opens

On November 11, 2025, the Masodi Wastewater Treatment Works in Mokopane, Limpopo Province, was officially opened. Developed through a public-private partnership between the Mogalakwena Local Municipality and Ivanplats, the facility recycles municipal wastewater for industrial use, significantly improving public health and enabling current and future expansions of the Platreef Mine in a water-scarce region.

Phase 2 Expansion Underway, Targeting Q4 2027 Completion

Work on the Phase 2 concentrator expansion is in progress, targeting completion in Q4 2027. DRA Global of Perth, Australia—EPCM contractor for the Phase 1 concentrator—has been appointed to lead engineering, procurement, and construction management for the Phase 2, 3.3-Mtpa concentrator. Earthworks at the Phase 2 site are scheduled to begin in Q1 2026.

Shaft #2’s concrete headgear has been completed. The shaft will be expanded to a 10-metre diameter following contractor appointment in Q4 2025. Raise boring to 3.1 metres was completed in Q4 2024.

Phase 2 Financing Advancing

Ivanplats closed a senior debt facility with Société Générale and Nedbank in December 2023 to fund Phase 1, drawing $70 million initially and an additional $30 million in Q2 2025.

Negotiations for a $700 million senior project finance facility for Phase 2 are progressing well, with closing expected in Q1 2026. Future Phase 3 expansion is expected to be funded by cash flow from Phases 1 and 2.

One of the Largest and Lowest-Cost PGM Producers Globally

Two independent studies completed on February 18, 2025—a Phase 2 feasibility study and a Phase 3 preliminary economic assessment—reinforce Platreef’s potential as a multi-generational, low-cost mine.

The Platreef Mine is projected to become the world’s lowest-cost primary producer of platinum-group metals (PGMs). Phase 2 life-of-mine cash costs are estimated at $599 per ounce of 3PE+Au (platinum, palladium, rhodium, and gold), net of nickel and copper credits, falling to $511 per ounce after Phase 3 expansion. This compares favorably with a basket spot price of approximately $1,900 per ounce as of October 24, 2025.

Annual production is expected to increase nearly fivefold to more than 460,000 ounces of 3PE+Au plus 9,000 tonnes of nickel and 6,000 tonnes of copper after Phase 2. Phase 3 expansion doubles production again to over 1 million ounces of 3PE+Au, along with approximately 22,000 tonnes of nickel and 13,000 tonnes of copper.

Higher Platinum and Palladium Prices Boost Project Value

Strong year-to-date increases in platinum (+78%) and palladium (+60%) prices have substantially improved project economics. According to sensitivity analysis in the 2025 Platreef Integrated Development Plan, the Phase 2 feasibility study net present value (NPV8%) would rise by 52% to $2.1 billion at current prices. The NPV8% for the Phase 3 preliminary economic assessment would increase by 44% to $4.6 billion under the same price assumptions.