At a project ceremony attended by executives, partners and stakeholders, the company confirmed three major developments: the completion of Shaft #3, the breaking of ground on the Phase 2 concentrator, and the start of shaft widening activities at Shaft #2. Together, these milestones represent a significant step forward in the mine’s Phase 2 expansion and longer-term Phase 3 ambitions.

Shaft #3 completion unlocks five-fold hoisting capacity

The newly completed Shaft #3 is a critical enabler of Platreef’s scaling strategy. With associated underground materials handling and crushing infrastructure now in place, total hoisting capacity is set to increase five-fold to approximately 5 Mtpa.

Construction was completed on schedule in March, with commissioning currently in its final stages. Once fully operational, the shaft will materially improve flexibility in hoisting ore and waste rock - previously constrained by reliance on Shaft #1- and accelerate both underground development and mining rates.

Phase 2 concentrator construction gains momentum

Development of the Phase 2 concentrator officially commenced on 9 April 2026, marking the transition into the next stage of Platreef’s expansion. Engineering, procurement and construction management is being delivered by DRA Global, which previously completed the Phase 1 concentrator in 2024.

The new 3.3 Mtpa concentrator is targeted for completion by the end of 2027. Early works are already underway, including bulk earthworks, process design finalisation and procurement of long-lead equipment.

Underground development will accelerate in parallel, focused on opening additional mining areas to supply the expanded processing capacity.

Shaft #2 expansion supports long-term growth pipeline

Attention has also shifted to Shaft #2, where widening activities are now underway following the completion of the concrete headgear in late 2025. The shaft, originally raise-bored to 3.1 metres, will be expanded to a final diameter of 10 metres using a ‘slipe and line’ method.

The contract for this work has been awarded to United Mining Services, with initial blasting completed in April.

Shaft #2 is expected to begin hoisting labour and materials by 2028, with ore hoisting scheduled for 2029. It will play a central role in supporting steady-state Phase 2 operations and the future Phase 3 expansion.

From ramp-up to commercial production

Since first production in Q4 2025, the Phase 1 concentrator has been processing lower-grade development ore. The operation is now transitioning toward higher-grade mining, with long-hole stoping of the Flatreef orebody expected to begin shortly.

This will support a ramp-up to commercial production by mid-2026, marking the shift from development into sustained production.

Strategic asset with multi-generational potential

Speaking at the ceremony, Robert Friedland, Executive Co-Chairman of Ivanhoe Mines, described Platreef as a “once-in-a-generation geological discovery,” highlighting its unusually thick, flat-lying orebody - averaging 26 metres - as a key differentiator.

This geological profile enables mechanised mining at scale, supporting lower costs and improved safety compared to conventional narrow-reef operations typical of South Africa’s platinum sector.

Friedland also underscored the importance of long-term partnerships, particularly with Japanese investors including JOGMEC and ITOCHU Corporation, whose early investment helped unlock the project’s development.

Positioned for critical minerals demand cycle

Platreef’s commodity mix - including platinum, palladium, rhodium, nickel and copper - aligns closely with rising global demand for critical minerals.

Ivanhoe Mines President and CEO Marna Cloete noted that the project is ramping up at a time of strengthening metal prices and increasing supply constraints, positioning the operation to benefit from structural demand across both developed and emerging economies.

Industry-leading cost profile and scale

Independent studies completed in 2025 reinforce Platreef’s long-term competitiveness. The Phase 2 expansion is expected to deliver processing capacity of 4.1 Mtpa, while a Phase 3 expansion could increase this to 10.7 Mtpa.

The mine is projected to rank among the lowest-cost primary platinum group metals producers globally, with Phase 2 life-of-mine cash costs estimated at $599/oz (3PE+Au), declining further to $511/oz in Phase 3. This compares favourably to a basket price of around $2,000/oz as of April 2026.

Production is expected to scale significantly, with Phase 2 output reaching over 460,000 ounces annually, before doubling to more than 1 Moz under Phase 3 - alongside substantial nickel and copper by-product volumes.

Ownership and funding structure

Ivanhoe Mines holds a 64% stake in the Platreef Mine, with a broad-based black economic empowerment consortium owning 26%. A Japanese consortium, ITC Platinum - backed by JOGMEC and ITOCHU - holds the remaining 10% and has committed to funding its proportional share of the Phase 2 expansion.

Outlook: scaling a tier-one PGM asset

With infrastructure build-out accelerating and expansion phases advancing in parallel, Platreef is rapidly transitioning into a large-scale, mechanised mining operation.

As global demand for platinum group metals and battery metals intensifies, Ivanhoe Mines is positioning Platreef as a cornerstone asset, combining scale, cost efficiency and multi-decade production potential in one of the world’s most prospective mineral regions.