MINING AT BAUXITE PROJECT RAMS UP
• PROJECTS AND EXPLORATION
In addition, Shaft # 2’ s concrete headgear is now complete, and the expansion of the shaft from an initial diameter of 3.1m to a diameter of 10m will commence in early Q2 2026, once Shaft # 3 is ready to hoist. The appointment of the contractor that will be widening the shaft, called slippage and lining, was placed in late Q4 2025. Raise boring of Shaft # 2 to the initial diameter of 3.1m were completed in Q4 2024.
USD700-million for Phase 2 expansion In December 2023, Ivanplats closed a senior debt facility with Société Générale and Nedbank Limited to fund Phase 1 construction. A total of USD100-million was drawn from the Phase 1 facility. Following the completion of the updated Phase 2 feasibility study, as announced on 18 February 2025, Ivanhoe Mines has been focused on arranging an enlarged project finance package to cover the majority of the capital requirements for the Phase 2 expansion.
In late Q4 2025, credit approvals were received, and underwriting engagements were signed with Societe Generale, Absa Bank Limited and Nedbank Limited for the USD700-million Phase 2 senior project finance package. The Phase 2 facility will amend and upsize the Phase 1 facility, resulting in approximately USD600-million of additional capital.
Financing for the future Phase 3 expansion is expected to be underpinned by cash flow generated from Platreef’ s Phase 1 and 2 operations.
Platreef Mine The Platreef Mine is set to be one of the largest and lowest-cost producers of platinum, palladium, rhodium and gold, with nickel and copper by-products. On 18 February 2025, two independent studies were completed on the three-phase development of the Platreef Mine. This included an updated Feasibility Study on the Phase 2 expansion to 4.1Mtpa of processing capacity, as well as a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7Mtpa of processing capacity. The excellent results from both studies reinforce the multi-generational Platreef Mine ' s industry-leading margins.
The Platreef Mine is projected to be the lowest-cost primary platinum-groupmetals producer globally. The Phase 2 life-of-mine total cash cost is estimated to be USD599 per ounce of platinum, palladium, rhodium and gold( 3PE + Au), net of 6 nickel and copper by-product credits. Life-of-mine total cash costs are projected to fall further to USD511 per ounce of 3PE + Au following the Phase 3 expansion.
This compares very favourably with a basket spot price of approximately USD2500 per ounce of 3PE + Au, as at January 12, 2026. The Platreef Mine’ s low cash costs are primarily due to its unique thick orebody, which enables economies of scale, as well as the high grades of nickel and copper that are payable by-products.
The Phase 2 expansion is expected to increase annualised production by almost fivefold to over 460 000 ounces of 3PE + Au, plus approximately 9 000 tonnes of nickel and 6 000 tonnes of copper. The Phase 3 expansion further doubles annualised production to over 1 million ounces of 3PE + Au, plus approximately
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22 000 tonnes of nickel and 13 000 tonnes of copper. The Phase 3 expansion is expected to rank the Platreef Mine as one of the world’ s largest primary platinum mine group metal producers on a platinum-equivalent basis.
Source: supplied by Ivanhoe Mines
Prices are rising because scarcity is real and demand is relentless.
MINING AT BAUXITE PROJECT RAMS UP
Location: Cameroon Phase: Development Resource: High-grade bauxite
Mining operations commenced at Canyon Resources Limited’ s Minim Martap Bauxite Project based in Cameroon in February 2026, following the arrival of the surface miner at the Port of Douala in Cameroon in December 2025.
At the time( 8 January 2026), the company announced that ore haulage from the Inland Rail Facility(“ IRF”) to the Port of Douala was scheduled for the second quarter of 2026, with the first bauxite shipment scheduled for late June 2026. Final tenders for the dredging of the access channel to the Port du Bois berth had been received, with works on track to commence in the first quarter of 2026.
Discussions with Camrail continued to advance and are now well progressed, with the company targeting an increase in its investment in Camrail from the current 9.1 % to approximately 35 %. Completion is expected in the first quarter of 2026 and would enable greater participation in the PQ2 upgrade, further strengthening and de-risking the Company’ s mine-to-port logistics strategy.
The feasibility study for the proposed value-adding alumina refinery is now approximately 45 % complete, advancing Canyon’ s downstream value-add strategy and supporting its objective of positioning the company as an integrated participant in the global aluminium value chain. The study leverages the cost benefits of
12 • African Mining • April 2026 www. africanmining. co. za