Ivanhoe Mines

Two major disruptions account for a substantial share of the shortfall.

Production problems at Freeport MacMoran's Grasberg mine in Indonesia and at Ivanhoe Mines' Kamoa Kukula complex in the Democratic Republic of Congo removed an estimated 600,000 tons of expected 2026 output, approximately 2.5% of annual global mine supply.

which accounts for roughly 23% of global mine output, is the most persistent weak point.

Chilean copper production fell 6.6% in the first half of the year and accelerated to a 9.4% year-over-year decline in July.

We're gonna be speaking with Robert Friedland.

He is the founder of Ivanhoe Mines, Ivanhoe Electric, a new s- uh, a new startup called iPulse, which we're gonna learn about.

He has been in the industry for over 40 years, r- literally getting his hands dirty and pulling-

[laughs]

It's like the old ESPN commercials where you, like, walk around, and you get to, like, meet all these luminaries just milling about the office, including our boss.

Why don't you give us a, um...

For those who don't know, why don't you give us a little bit of overview of Ivanhoe Mines and just, like, the portfolio of things you work on.

What is, uh, what does it all add up to and look like?

Stocks, they have come down significantly.

I mean, I'm still involved and a large shareholder of Ivanhoe Mines.

Ivanhoe Mines went down significantly and compared to the all-time high in copper that we're witnessing at the present time, the stock is depressed and offers an increase a good entry point in my view.

But I'm a little bit concerned about anything that has to do with paper.

Stocks is a certificate, is paper.

Maramaka Copper trades on the TSX with MARI and on the OTCQX as MARIF.

Ivanhoe Mines has released an updated resource for the Makoko District of the Western Forelands Copper Discovery in the DRC.

It increases the project scale by 30%, with inferred resources now totaling 612 million tons at 1.8% copper, containing 24.3 billion pounds.

alongside 34 million tons at 2.66% copper in the indicated category in what the company describes as the world's largest and highest grade copper discovery of the past decade.

Combined with Kamoa Kakula, total contained copper across the western forelands now exceeds 55 million tons, with a 120,000 meter infill program planned to move shallow inferred tons towards the indicated category.

Ivanhoe Mines trades on the TSX as IVN and on the OTCQX with IVPAF.

DPM Metals has released drill results from the Dumitru Potat Copper-Gold-Silver Scarn Prospect at the Kokobrikita license in Serbia, extending mineralization 90 to 100 meters beyond the existing resource, with highlights including hole 42 returning 50 meters of 3.68% copper equivalent and hole 253 returning 246 meters at 1.36% copper equivalent.

The 2026 drill program has been expanded to 35,000 meters from 32,000, with an updated resource estimate targeted in Q1 of 2027, ahead of a preliminary economic assessment planned for year end of 2027.

I think, you know, it's not a, um, anti-consensual view that copper is interesting, but for maybe for lithium focused investors explaining why this particular copper opportunity is interesting, uh, we'll have some more stuff out over the next couple of months or so.

Matt, let's, uh, use this kind of like power metallic, as we've mentioned, this is the first copper company, um, that we've had on the channel in, um, in a very long time, but RK Equity got its start 25 years ago doing copper with Robert Friedland and Ivanhoe Mines in Mongolia.

And we do keep track of a copper scoreboard, which we're going to like put up here.

And the first thing that stands out is the one-month performance.

But in some ways, we're also going back to RK Equity's roots.

More than 20 years ago, RK Equity got its start around Ivanhoe Mines and Robert Friedland's extraordinary Oyutolgoy copper-gold discovery in Mongolia.

And today, we're coming full circle with another Friedland-backed copper and PGE exploration story, Power Metallic Mines.

We've been following CEO Terry Lynch and the Power Metallics story since Critical Elements Lithium, which owns a minority stake in the company, had talked about what was then called Power Nickel.

With long-term demand driven by electrification and the rapid build-out of artificial intelligence infrastructure, the market is sensitive to supply setbacks at major mines.

In April, one of the company's partners at Kamoa Kakula, Ivanhoe Mines, cut 2026 production guidance at the mine to 290,000 to 330,000 tons, from an earlier forecast of 380 to 420,000 tons.

So when it rains, it pours.

All sorts of pressures on the copper market And in that context, we have a headline from Blair McBride over at NorthernMiner.com, U.S. preps $1.1 billion loan from Ivanhoe's Santa Cruz copper project.