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Ivanhoe Mines
(TSX:IVN)
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Rating:60Neutral
Price Target:
C$14.00
▲(12.63% Upside)
Action:Reiterated
Date:09/09/26
The score is anchored by mixed financial fundamentals: a relatively solid balance sheet and improving revenue are outweighed by persistently negative operating and free cash flow and historically volatile margins. Technicals are supportive with price above major moving averages and positive MACD, while valuation is a headwind given the very high P/E and no dividend support. The latest earnings call was constructive on operations and cost mitigations, but near-term execution, cost, logistics, safety, and credit-rating risks remain meaningful.
Positive Factors
Kamoa-Kakula production scale
Q2 production above 64,000 tonnes and sales above 61,000 tonnes demonstrate substantial operating scale and throughput at Kamoa-Kakula. Combined with $385M of EBITDA, this supports cash-generating potential and provides a stronger base for funding the broader project pipeline.
Negative Factors
Persistent negative cash flow
Persistent negative operating and free cash flow shows that reported profitability has not consistently converted into liquidity. Continued investment and working-capital demands may increase financing reliance, constrain capital allocation, and raise execution risk while major projects are developed.
Read all positive and negative factors
Positive Factors
Negative Factors
Kamoa-Kakula production scale
Q2 production above 64,000 tonnes and sales above 61,000 tonnes demonstrate substantial operating scale and throughput at Kamoa-Kakula. Combined with $385M of EBITDA, this supports cash-generating potential and provides a stronger base for funding the broader project pipeline.
Read all positive factors
Ivanhoe Mines (IVN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$18.21B
Dividend YieldN/A
Average Volume (3M)3.85M
Price to Earnings (P/E)95.1
Beta (1Y)2.14
Revenue Growth168.44%
EPS Growth-66.54%
CountryCA
Employees6,800
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.10
Shares Outstanding1,426,373,200
10 Day Avg. Volume3,999,858
30 Day Avg. Volume3,848,218
Financial Highlights & Ratios
PEG Ratio3.22
Price to Book (P/B)2.64
Price to Sales (P/S)34.67
P/FCF Ratio-32.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$14.34Price Target Upside15.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.15
Revenue Forecast (FY)C$800.90M
Ivanhoe Mines Business Overview & Revenue Model
Company Description
Ivanhoe Mines Ltd., a company founded in 1993 and based in Vancouver, Canada, primarily focuses on the discovery, advancement, and extraction of diverse minerals and precious metals, predominantly within Africa. The firm targets deposits rich in s...
How the Company Makes Money
Ivanhoe Mines primarily makes money through the sale of mineral products produced from its mining operations, with copper concentrate sales being the central revenue driver. Revenue is generated by extracting ore, processing it into concentrate, a...
Ivanhoe Mines Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
Overall the call conveyed solid operational performance and meaningful downside mitigation actions: strong Q2 production and EBITDA, record performance at Kipushi, a large sulfuric‑acid price tailwind and commissioning of a 60 MW solar plant that will materially reduce diesel consumption. These positives offset near‑term headwinds including a tragic safety incident, diesel inflation, dewatering/development constraints delaying access to higher‑grade ore, logistics/trucking disruptions and a recent S&P downgrade. Management outlined clear mitigations (solar, increased byproduct credits, project execution and drilling/upgraded models) and reiterated guidance with tightened ranges, supporting a constructive near‑to‑medium‑term outlook.Positive Updates
Strong Q2 copper production and sales
Kamoa-Kakula produced in excess of 64,000 tonnes of copper in Q2 and sold just over 61,000 tonnes of payable copper; copper inventory remained ~40,000 tonnes with an expected destock of ~10,000 tonnes in H2 2026 (targeting ~25–30k tonnes year‑end inventory).
Negative Updates
Fatality and safety incident at Kakula
A fatal fall‑of‑ground on July 6 resulted in the loss of life of an employee at Kakula. The root cause has been identified; large‑scale training, updated operating procedures and enhanced scaling/hazard identification programs have been implemented, but this is a significant safety and social impact.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 copper production and sales
Kamoa-Kakula produced in excess of 64,000 tonnes of copper in Q2 and sold just over 61,000 tonnes of payable copper; copper inventory remained ~40,000 tonnes with an expected destock of ~10,000 tonnes in H2 2026 (targeting ~25–30k tonnes year‑end inventory).
Read all positive updates
Company Guidance
The company tightened 2026 copper production guidance to 290,000–310,000 t (2027 guidance 380,000–420,000 t) and reiterated a first‑half C1 cash cost of $2.70/lb (Q2 C1 $2.84/lb) while realizing a copper price of $5.99/lb; Kamoa‑Kakula sold just over 61,000 t of payable copper in Q2 (production >64,000 t), generated Q2 revenue of $880M (including $56M sulfuric acid sales and $33M mark‑to‑market gains), and reported Kamoa‑Kakula EBITDA of $385M (Ivanhoe adjusted EBITDA $179M, profit $46M); management expects to destock ~10,000 t (current inventory ~40,000 t, targeting ~25–30,000 t year‑end), sees a net smelter benefit of roughly $0.50/lb (smelter operating cost ~$0.33/lb), and anticipates a much larger sulfuric‑acid byproduct credit in Q3 (~$0.60/lb versus $0.38/lb in Q2) as sulfuric prices moved from $465/t average to recent contracts near $840/t; capital and liquidity metrics include $635M cash at June 30, modest pro rata net‑debt movements, $76M quarter contribution to Kamoa‑Kakula, Platreef Phase‑2 financing draw of $87M (Japanese consortium $65M), a 500,000 tpa smelter currently at ~60% capacity, Phase‑1 solar (60 MW) with ~95% availability coming online this quarter to cut diesel use ~25–30%, and Phase‑2 concentrator milling >25% above design (~6.3 Mtpa).Ivanhoe Mines Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
74
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 582.55M | 449.35M | 40.82M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 58.05M | -35.18M | -8.64M | 0.00 | 0.00 | 0.00 |
| EBITDA | 227.92M | 380.79M | -124.00M | -93.74M | -85.48M | -102.02M |
| Net Income | 136.65M | 266.13M | 228.13M | 318.93M | 410.86M | 55.24M |
Balance Sheet | ||||||
| Total Assets | 7.79B | 7.61B | 5.74B | 5.00B | 3.97B | 3.22B |
| Cash, Cash Equivalents and Short-Term Investments | 634.29M | 883.64M | 102.08M | 560.27M | 597.45M | 608.18M |
| Total Debt | 1.30B | 1.27B | 369.19M | 953.98M | 741.88M | 490.63M |
| Total Liabilities | 2.00B | 1.90B | 901.91M | 1.42B | 1.13B | 841.21M |
| Stockholders Equity | 5.97B | 5.89B | 4.99B | 3.70B | 2.93B | 2.49B |
Cash Flow | ||||||
| Free Cash Flow | -463.31M | -477.48M | -644.14M | -509.46M | 18.43M | -59.69M |
| Operating Cash Flow | -85.18M | -129.68M | -152.43M | -31.57M | 177.09M | -7.09M |
| Investing Cash Flow | -700.24M | -677.37M | -495.40M | -477.00M | -173.63M | -208.58M |
| Financing Cash Flow | 741.55M | 1.44B | 206.95M | 500.27M | -9.69M | 561.97M |
Ivanhoe Mines Technical Analysis
Positive
12.43
Price Trends
11.26
Positive
11.46
Positive
12.99
Negative
Market Momentum
0.39
Negative
58.95
Neutral
81.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IVN, the sentiment is Positive. The current price of 12.43 is above the 20-day moving average (MA) of 12.05, above the 50-day MA of 11.26, and below the 200-day MA of 12.99, indicating a neutral trend. The MACD of 0.39 indicates Negative momentum. The RSI at 58.95 is Neutral, neither overbought nor oversold. The STOCH value of 81.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:IVN.
Ivanhoe Mines Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | C$44.75B | 18.03 | 9.62% | 0.54% | 40.51% | 1088.57% | |
65 Neutral | C$44.75B | 18.03 | 9.62% | 0.54% | 40.51% | 1088.57% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | C$18.21B | 95.06 | 2.32% | ― | 168.44% | -66.54% | |
56 Neutral | C$5.41B | -21.31 | -166.74% | ― | ― | -36.42% | |
52 Neutral | C$5.56B | -42.08 | -31.93% | ― | ― | -34.95% |
* Basic Materials Sector Average
TSE:IVN
Ivanhoe Mines
12.80
0.10
0.79%
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Ivanhoe Mines Corporate Events
Business Operations and Strategy
Ivanhoe Mines boosts Western Forelands copper discovery by 30% and accelerates Makoko development
Positive
Sep 8, 2026
Ivanhoe Mines has increased the size of its Western Forelands copper discovery in the DRC by 30%, confirming the Makoko District as one of the world’s largest and highest-grade new copper finds of the past decade. The updated 2026 Mineral Re...
Business Operations and Strategy
Ivanhoe Mines to Provide Western Forelands Project Update and Host Investor Webinar
Positive
Sep 4, 2026
Ivanhoe Mines will release an operational and exploration update on its majority-owned Western Forelands Exploration Project before markets open on September 8, 2026, signalling potential progress in one of its key growth regions adjacent to the K...
Business Operations and StrategyRegulatory Filings and Compliance
Ivanhoe Mines Downplays Impact of Longstanding DRC Concentrate Export Ban
Positive
Aug 6, 2026
Ivanhoe Mines, a Canadian miner with major copper, zinc and platinum-group metal projects in the Democratic Republic of the Congo and South Africa, is expanding its footprint through large exploration holdings in the Western Forelands and new copp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.