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Ivanhoe Mines Ltd

www: www.ivanhoemines.com   email: info@ivanhoemines.com
Category: Major
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Symbol Data

Symbol Currency
TSE:IVN CAD
OTCMKTS:IVPAF USD

Description

Ivanhoe Mines Ltd are a gold focused major with three producing mines in DRC and South Africa. Currently they produce roughly 100koz. of gold per year. They have approximately 50Moz. of gold in the reserves and resources category of which 25Moz. are in the measured and indicated category. They have a market capitalisation of ~$11573.13M which is a fall of roughly 31% over the last four weeks. As of 02/21/2026 they have ~$1,000M debt and ~$885M cash. They have 1,426M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $16,679.49M $11,573.13M 02/21/2026
MCap (OS): $16,632.40M $11,540.45M 02/21/2026
Total Assets: $5,600.00M $5,600.00M 02/21/2026
Total Liabilities: $1,000.00M $1,000.00M 02/21/2026
Current Assets: $287.00M $287.00M 02/21/2026
Current Liabilities: $211.00M $211.00M 02/21/2026
Total Debt: $1,000.00M $1,000.00M 02/21/2026
Cash: $885.00M $885.00M 02/21/2026
Debt (Net): $115.00M $115.00M
Enterprise Value: $16,794.49M $11,688.13M
Cash Flow: $440.59M $395.38M never
Cash Flow Multiple: 37.86 29.27 never
Net Debt to
Cash Flow Ratio:		 0.26 0.29 never
Finance within 1 year: 02/21/2026
Misc 02/21/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,425,962,853 1,425,962,853 02/21/2026
Shares (FD): 1,430,000,000 1,430,000,000 02/21/2026
Insider Ownership: n/a n/a 02/21/2026
Dividend (Annual): n/a n/a 02/21/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2024 02/21/2026
Production (Gold Eq Oz.): (guess) 
100,000		 (guess) 
100,000		 02/21/2026
Production (Silver Eq Oz.): (guess) 
6,027,228		 (guess) 
6,338,194		 02/21/2026
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 02/21/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 02/21/2026
Cash Flow Multiple: 15 15 02/21/2026

Resource Data

GOLD 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 10.00M 10.00M 02/21/2026
Measured & Indicated: 25.00M 25.00M 02/21/2026
Inferred: 25.00M 25.00M 02/21/2026
Reserves & Resources: 50.00M 50.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 9.00M 9.00M 02/21/2026
Measured & Indicated: 19.80M 19.80M 02/21/2026
Inferred: 11.25M 11.25M 02/21/2026
Reserves & Resources: 31.05M 31.05M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
100,000oz.		 (guess) 
100,000oz.		 02/21/2026
Cash Cost: $1 $1 02/21/2026
Extra Operating Cost: $700 $700 02/21/2026
Total: $701 $701 02/21/2026
Margin (Free Cash Flow): $4,406 (86%) $3,954 (85%)
MCap / Production (AuEq): $166,794.89 $115,731.27
EV / Production (AuEq): $167,944.89 $116,881.27
G
R
A
D
E		 Underground (Avg): 3.50 g/t 3.50 g/t 02/21/2026
Open Pit (Avg): n/a n/a 02/21/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/21/2026
F
U
T
U
R
E		 Proven & Probable: 25.00M 25.00M 02/21/2026
Annual Production: 900,000oz. 900,000oz. 02/21/2026
Cash Cost: $1 $1 02/21/2026
Extra Operating Cost: $700 $700 02/21/2026
SILVER 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 02/21/2026
Measured & Indicated: n/a n/a 02/21/2026
Inferred: n/a n/a 02/21/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 02/21/2026
Measured & Indicated: n/a n/a 02/21/2026
Inferred: n/a n/a 02/21/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 02/21/2026
Extra Operating Cost: n/a n/a 02/21/2026
Total: n/a n/a 02/21/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $2,767.36 $1,825.93
EV / Production (AgEq): $2,786.44 $1,844.08
G
R
A
D
E		 Underground (Avg): n/a n/a 02/21/2026
Open Pit (Avg): n/a n/a 02/21/2026
Recovery Rate: n/a n/a 02/21/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 02/21/2026
Annual Production: n/a n/a 02/21/2026
Cash Cost: n/a n/a 02/21/2026
Extra Operating Cost: n/a n/a 02/21/2026

Property

Last Analysis Data  (02/21/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Kakula-Kamoa
100 show
70 billion lbs of copper.

Huge copper mine.

1 billion capex.

$460M in revenue in 2022.
Increasing 30% in 2024.
Prod Kipushi
68 show
38% Zinc

$400 million capex.
Prod Platreef
64 show
Mostly a PGM Mine

7 million oz of gold at .26 gpt.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Kakula-Kamoa
100 show
70 billion lbs of copper.

Huge copper mine.

1 billion capex.

$460M in revenue in 2022.
Increasing 30% in 2024.
Prod Kipushi
68 show
38% Zinc

$400 million capex.
Prod Platreef
64 show
Mostly a PGM Mine

7 million oz of gold at .26 gpt.

Profitability (by resource)

Proven &
Probable		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 10.00M 10.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.00M 9.00M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $39,652.83M $35,583.93M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $39,652.83M $35,583.93M n/a
Max Profit / Current MCap: 2.377 3.075 n/a
Max Profit Per Share (Gold): $27.73 $24.88 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $27.73 $24.88 n/a
Total Free Profit Per Share: $11.76 $13.77 n/a
FD MCap / Gold Eq.: $1,853.28 $1,285.90 n/a
FD MCap / Silver Eq.: $30.75 $20.29 n/a
FD MCap / Per Metal
as % Spot Price:		 36.29% 27.63% n/a
EV / Gold Eq.: $1,866.05 $1,298.68 n/a
EV / Silver Eq.: $30.96 $20.49 n/a
EV / Per Metal
as % Spot Price:		 36.54% 27.90% n/a
Measured &
Indicated		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 25.00M 25.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.80M 19.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $87,236.23M $78,284.65M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $87,236.23M $78,284.65M n/a
Max Profit / Current MCap: 5.230 6.764 n/a
Max Profit Per Share (Gold): $61.00 $54.74 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $61.00 $54.74 n/a
Total Free Profit Per Share: $45.03 $43.63 n/a
FD MCap / Gold Eq.: $842.40 $584.50 n/a
FD MCap / Silver Eq.: $13.98 $9.22 n/a
FD MCap / Per Metal
as % Spot Price:		 16.50% 12.56% n/a
EV / Gold Eq.: $848.21 $590.31 n/a
EV / Silver Eq.: $14.07 $9.31 n/a
EV / Per Metal
as % Spot Price:		 16.61% 12.68% n/a

Reserves &
Resources		 02/21/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 50.00M 50.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 31.05M 31.05M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $136,802.26M $122,764.56M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $136,802.26M $122,764.56M n/a
Max Profit / Current MCap: 8.202 10.608 n/a
Max Profit Per Share (Gold): $95.67 $85.85 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $95.67 $85.85 n/a
Total Free Profit Per Share: $79.70 $74.74 n/a
FD MCap / Gold Eq.: $537.18 $372.73 n/a
FD MCap / Silver Eq.: $8.91 $5.88 n/a
FD MCap / Per Metal
as % Spot Price:		 10.52% 8.01% n/a
EV / Gold Eq.: $540.89 $376.43 n/a
EV / Silver Eq.: $8.97 $5.94 n/a
EV / Per Metal
as % Spot Price:		 10.59% 8.09% n/a

Future Valuation (Cash Flow & Totals)

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