EARLYThesis forming — early stage, needs conviction
Investment Thesis
Ivanhoe's Kamoa-Kakula project is among the world's highest-grade and lowest-cost copper mines, delivering operating leverage to copper price upside. Phase 3 smelter commissioning unlocks additional revenue capture. Platreef PGM project and Kipushi zinc restart diversify production by 2027. DRC political risk is real but partially mitigated by strong local stakeholder relationships.