African Copper Undertaking PEA Depicts ‘One of many Largest Undeveloped Mines Worldwide’

The important thing factors of the corporate's latest research and plan outcomes are offered in a observe from BMO Capital Markets.

In a March 25 analysis report, analyst Andrew Mikitchook famous that
NI 43-101 Technical Report on the Kakula-Kamoa Undertaking Growth Plan not too long ago launched by Ivanhoe Mines Ltd. Analysis (PFS-PEA) revealed on February 6, 2019.

Mikitchook gives 4 vital observations from the stories:

1. The specificities described within the PEA (18 million tons per yr), that’s 500,000 tons of copper produced yearly throughout a lot of the 37 years of exploitation, make Kakula-Kamoa "the one one on the planet. one of many largest mines in operation or exploitation on the planet ".

2. The required capital for Kakula is a "cheap quantity" of US $ 1.1 billion. Money circulation from mining will fund future expansions.

three. The 6.four% grade to be mined throughout the first 10 years makes use of a cut-off worth above the common grade of the opposite mines.

four. The PFS-PEA excludes the high-grade Kamoa North and Makoko 2018 discoveries. "We contemplate it to be a major technique of exploration for Ivanhoe, that would doubtlessly enhance the standard of high-grade discoveries because the undertaking develops, "writes Mikitchook.

BMO maintained its Outperform score and goal value of C $ 9 per share on Ivanhoe. The inventory is at the moment buying and selling at roughly C $ three.34 per share.


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BMO Capital Markets Disclosures, Ivanhoe Mines, March 25, 2019


Certification of the analyst
Andrew Mikitchook, hereby certifies that the views expressed on this report precisely replicate my private views on the securities or issuers in query. I additionally certify that no a part of my compensation has been or can be, immediately or not directly, associated to the precise suggestions or factors of view expressed on this report.

The analysts who ready this report are compensated based mostly (amongst different elements) on the general profitability of BMO Capital Markets and their associates, which incorporates the general profitability of funding banking. The compensation of the analysis depends on the effectivity of producing new concepts and speaking concepts to clients, executing suggestions, the accuracy of income estimates and repair rendered to clients.

Disclosures by Firm

Disclosure 5: BMO Capital Markets or a member of its group has acquired from Ivanhoe Mines compensation for non-investment banking services or products previously 12 months.
Disclosure 2: BMO Capital Markets has supplied funding banking providers to Ivanhoe Mines within the final 12 months.
Disclosure four: BMO Capital Markets or a member of its group acquired from Ivanhoe Mines a charge for its funding banking providers within the final 12 months.
Disclosure 6A: Ivanhoe Mines is a buyer (or a buyer) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Restricted or a member of its group within the final 12 months: A) Funding Banking.
Disclosure 6C: Ivanhoe Mines is a buyer (or a buyer) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Restricted or a member of its group within the final 12 months: C) Non-Securities Providers.
Disclosure 16: A analysis analyst reviewed intimately Ivanhoe Mines' bodily operations.
Disclosure 17: Ivanhoe Mines has paid or reimbursed some or all the journey bills of the analysis analyst.

For the Vital Inventory Disclosures mentioned on this report, please click on right here.

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