Ivanhoe Mines: Western Forelands getting bigger...too early to price in?

Research evidence excerpt

Ivanhoe Mines: Western Forelands getting bigger...too early to price in?

Global Research

27 July 2026ab

Ivanhoe Mines Equities

CanadaWestern Forelands getting bigger...too early to

price in? Mining

12-month rating Buy

12m price target C$15.00KK uncertainty key focus...Western Forelands has attractive option value

IVN has underperformed the COPX (copper ETF) by ~45% YTD and ~90% 12mth driven

by multiple downgrades at Kamoa-Kakula (KK) following the seismic incident, resulting Price (24 Jul 2026) C$10.63

in ongoing investor uncertainty over the assets outlook. Discussions with investors RIC: IVN.TO BBG: IVN CN

highlight scepticism over whether KK is a 500ktpa copper asset, with investors wanting

to see: (1) a number of quarters of stable/improving performance; (2) the updated mine Trading data and key metrics

plan (1Q27) before pricing in 'normalised production of ~500kt' or any upside. In our 52-wk range C$18.81-9.81

view the value/NPV of KK has been impaired since the seismic incident and changes to Market cap. C$15.1b/US$10.7b

the mine plan; but equally IVN in one of the least crowded copper pure plays which has Shares o/s 1,425m (COM)

meaningfully underperformed peers. IVN had planned to provide an update on the Free float 47%

Western Forelands (WF) project (including an increase in reserve) in July; but delayed the Avg. daily volume ('000) 4,067

update until after 2Q financial results on 29th July, to provide time to finalise a Avg. daily value (m) C$46.1

community relocation on the potential site. Common s/h equity (12/26E) US$6.21b

P/BV (12/26E) 1.7x

We explore how big WF could be and potential mine development scenarios. Feedback Net debt to EBITDA (12/26E) 0.0x

from investors suggests the market is unlikely to ascribe material value to WF until