Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic spot copper has a high premium, and the price is firm [1] Group 3: Summary of Copper Fundamental Data Futures - The closing price of the Shanghai Copper main contract yesterday was 79,780, with a daily increase of 0.47%, and the night - session closing price was 79,660, with a decrease of 0.15%. The closing price of the LME Copper 3M electronic disk yesterday was 9,875, with a decrease of 0.31% [1] - The trading volume of the Shanghai Copper main contract yesterday was 78,481, an increase of 7,420 compared with the previous day, and the position was 180,644, an increase of 6,818. The trading volume of the LME Copper 3M electronic disk was 10,513, a decrease of 12,738, and the position was 269,000, an increase of 742 [1] - The inventory of Shanghai Copper was 20,200, a decrease of 1,212. The inventory of LME Copper was 158,875, a decrease of 25, and the cancellation warrant ratio was 8.29%, an increase of 0.08% [1] Spot - The LME copper premium was - 86.27, a decrease of 6.01 compared with the previous day. The bonded - area warehouse receipt premium was 55 (unchanged), and the bonded - area bill of lading premium was 58, a decrease of 1 [1] - The price of Shanghai 1 bright copper was 73,700, an increase of 300. The spot - to - futures near - month spread was 235, a decrease of 15 [1] - The spread between the near - month contract and the consecutive - first contract was - 10, a decrease of 40. The cost of the inter - period arbitrage of buying the near - month contract and selling the consecutive - first contract was 200 [1] - The spread between Shanghai copper spot and LME cash was 91, a decrease of 100. The spread between the Shanghai Copper consecutive - third contract and LME 3M was - 213, a decrease of 146 [1] - The spread between Shanghai copper spot and Shanghai 1 recycled copper was 1,637, an increase of 176. The import profit and loss of recycled copper was 700, an increase of 486 [1] Group 4: Summary of Macro and Industry News Macro - China's S&P manufacturing PMI in August rebounded to 50.5, and the new order growth rate was the fastest since March. New orders promoted the recovery of manufacturing production, the decline of new export business slowed down, procurement activities and inventory increased, and business confidence also improved [1] - Boosted by the recovery of domestic demand, the Eurozone's manufacturing PMI in August rose above the boom - bust line for the first time in three years, with strong rebounds in Germany and France [1] Industry - Freeport's Indonesian branch will complete the maintenance of the Gresik factory in early September [1] - Canadian mining company Hudbay Minerals has resumed operations at its Snow Lake mine in Manitoba since the authorities lifted the mandatory evacuation order on August 22 [3] - Ivanhoe Mines said that the drainage of the eastern section of the Kamoa - Kakula copper mine, the largest copper producer in Africa, will enable the mine to resume production capacity early next year [3] - Chile's copper production in July was 445,214 tons, a slight month - on - month increase of 5% and a limited year - on - year increase [3] Group 5: Copper Trend Intensity - The copper trend intensity is 1, and the value range of trend intensity is an integer in the [-2, 2] interval [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the content. 2. Core Views of the Report - Gold is expected to break through new highs, and silver is likely to reach its previous peak [2][4]. - Copper prices remain firm due to high domestic spot premiums [2][9]. - Zinc is predicted to trade within a range [2][12]. - Lead prices are supported by continuous inventory reduction [2][15]. - Tin is expected to move within a range [2][18]. - The fundamentals of aluminum are weak, alumina is in low - level oscillation, and cast aluminum alloy follows the trend of electrolytic aluminum [2][22]. - Nickel's price will fluctuate narrowly based on fundamental logic, with news influencing sentiment, and stainless - steel prices will move in a narrow range [2][26]. 3. Summaries by Related Catalogs 3.1 Precious Metals (Gold and Silver) - **Price Movements**: The closing price of Shanghai Gold 2510 yesterday was 800.56, with a daily increase of 1.97%, and the night - session closing price was 801.58, with a night - session increase of 0.86%. Shanghai Silver 2510 closed at 9775 yesterday, up 4.15%, and the night - session closing price was 9836.00, up 2.46% [5]. - **Trading Volume and Open Interest**: The trading volume and open interest of Shanghai Gold 2510 and Shanghai Silver 2510 both changed compared to the previous day. For example, the trading volume of Shanghai Gold 2510 increased by 167,929, and the open interest increased by 4,000 [5]. - **Inventory Changes**: The inventories of Shanghai Gold and Shanghai Silver both increased compared to the previous day, with Shanghai Gold increasing by 120 kilograms and Shanghai Silver increasing by 11,231 kilograms [5]. - **Trend Intensity**: Gold and silver both have a trend intensity of 2, indicating a strong upward trend [8]. 3.2 Copper - **Price Movements**: The closing price of the Shanghai Copper main contract yesterday was 79,780, up 0.47%, and the night - session closing price was 79,660, down 0.15%. The LME Copper 3M electronic - trading price was 9,875, down 0.31% [9]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract increased by 7,420, and the open interest increased by 6,818. The trading volume of LME Copper 3M decreased by 12,738, and the open interest increased by 742 [9]. - **Inventory Changes**: The inventory of Shanghai Copper decreased by 1,212 tons, and the LME Copper inventory decreased by 25 tons [9]. - **Macro and Industry News**: China's August S&P Manufacturing PMI rebounded to 50.5, and the eurozone's August Manufacturing PMI rose above the boom - bust line for the first time in three years. Some copper mines have resumed operations or will complete maintenance work [9][11]. - **Trend Intensity**: Copper has a trend intensity of 1, indicating a relatively strong upward trend [11]. 3.3 Zinc - **Price Movements**: The closing price of the Shanghai Zinc main contract was 22,175, up 0.16%, and the LME Zinc 3M electronic - trading price was 2,814, up 0.97% [12]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract increased by 76, and the open interest decreased by 407. The trading volume of LME Zinc increased by 889, and the open interest increased by 1018 [12]. - **Inventory Changes**: The Shanghai Zinc futures inventory remained unchanged, and the LME Zinc inventory decreased by 625 tons [12]. - **News**: China's August S&P Manufacturing PMI rebounded [13]. - **Trend Intensity**: Zinc has a trend intensity of 0, indicating a neutral trend [14]. 3.4 Lead - **Price Movements**: The closing price of the Shanghai Lead main contract was 16,855, down 0.15%, and the LME Lead 3M electronic - trading price was 1,997, up 0.45% [15]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Lead main contract decreased by 3,999, and the open interest increased by 1,835. The trading volume of LME Lead increased by 2,073, and the open interest decreased by 686 [15]. - **Inventory Changes**: The Shanghai Lead futures inventory decreased by 524 tons, and the LME Lead inventory decreased by 1,500 tons [15]. - **News**: China's August S&P Manufacturing PMI rebounded, and the eurozone's August Manufacturing PMI rose above the boom - bust line [16]. - **Trend Intensity**: Lead has a trend intensity of 0, indicating a neutral trend [16]. 3.5 Tin - **Price Movements**: The closing price of the Shanghai Tin main contract was 273,240, down 1.94%, and the night - session closing price was 274,320, up 0.20%. The LME Tin 3M electronic - trading price was 35,060, up 0.31% [19]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract increased by 1,564, and the open interest decreased by 10,315. The trading volume of LME Tin decreased by 9, and the open interest increased by 53 [19]. - **Inventory Changes**: The Shanghai Tin inventory decreased by 58 tons, and the LME Tin inventory increased by 145 tons [19]. - **Macro and Industry News**: Multiple news events such as stock market trends, political events, and corporate developments are reported [20]. - **Trend Intensity**: Tin has a trend intensity of 1, indicating a relatively strong upward trend [21]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - **Price Movements**: The closing price of the Shanghai Aluminum main contract was 20,645, down 95. The closing price of the Shanghai Alumina main contract was 3,008, down 28. The closing price of the aluminum alloy main contract was 20,275, down 75 [22]. - **Trading Volume and Open Interest**: There were changes in the trading volume and open interest of Shanghai Aluminum, LME Aluminum, Shanghai Alumina, and the aluminum alloy main contract [22]. - **Inventory Changes**: The domestic aluminum ingot social inventory increased by 0.60 tons, and the LME aluminum ingot inventory remained unchanged [22]. - **Comprehensive News**: The ECB is expected to maintain price stability, and the eurozone's Manufacturing PMI rose above the boom - bust line [24]. - **Trend Intensity**: Aluminum has a trend intensity of 0, alumina has a trend intensity of - 1, and cast aluminum alloy has a trend intensity of 0 [24]. 3.7 Nickel and Stainless - Steel - **Price Movements**: The closing price of the Shanghai Nickel main contract was 123,450, and the closing price of the stainless - steel main contract was 12,950 [26]. - **Trading Volume and Open Interest**: There were changes in the trading volume and open interest of Shanghai Nickel and the stainless - steel main contract [26]. - **Industry News**: There are various news about nickel production in Canada and Indonesia, such as potential export stoppages, new project production, environmental issues, and production suspensions [26][27][28]. - **Trend Intensity**: Nickel and stainless - steel both have a trend intensity of 0, indicating a neutral trend [31].

所长 早读 国泰君安期货 2025-09-01 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 期货研究 2025-09-01 所长 早读 今 日 发 现 中国 8 月官方制造业 PMI 小幅回升至 49.4 观点分享： 国家统计局 8 月 31 日公布的数据显示，8 月份，制造业采购经理指数（PMI）为 49.4%， 比上月上升 0.1 个百分点，制造业景气水平有所改善，非制造业 PMI 上升 0.2 个百分点，至 50.3，综合 PMI 50.5，较前值 50.2 回升 0.3 个百分点。制造业产需指数均有回升，医药、 计算机通信电子设备等行业生产指数和新订单指数均明显高于制造业总体，产需较快释放。 价格总体水平继续改善，主要原材料购进价格指数和出厂价格指数连续三个月回升。服务业 景气水平明显回升。服务业商务活动指数为 50.5%，比上月上升 0.5 个百分点，升至年内高 点。8 月份，非制造业商务活动指数为 50.3%，比上月上升 0.2 个百分点，价格降幅收窄， 零售、房地产景气度仍低于临界点。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 期指 | ★★★ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Gold is expected to break through new highs, and silver is expected to reach its previous peak [2][4]. - Copper prices are expected to rise due to the weakening US dollar [2][10]. - Zinc is expected to trade in a range [2][13]. - Lead prices are supported by inventory reduction [2][16]. - Tin is expected to trade in a range [2][18]. - The center of gravity of aluminum prices is expected to move up, while there may still be room for alumina prices to decline. Cast aluminum alloy is expected to outperform electrolytic aluminum [2][23]. - Nickel prices are expected to trade in a narrow range based on fundamentals, and investors should be wary of potential risks from news. Stainless steel prices are expected to trade in a narrow range [2][26]. 3. Summary by Relevant Catalogs Gold and Silver - **Fundamental Data**: The prices of gold and silver in various markets showed different degrees of increase. For example, the closing price of Shanghai Gold 2510 was 785.12, with a daily increase of 0.24%, and the night - session closing price was 791.28, with a night - session increase of 0.90%. The closing price of Shanghai Silver 2510 was 9386, with a daily increase of 0.10%, and the night - session closing price was 9566.00, with a night - session increase of 1.93% [5]. - **Macro and Industry News**: There were multiple macro - level events, such as the US 7 - month core PCE price index rising to 2.9% year - on - year, in line with expectations, and the tariff impact being controllable [9]. - **Trend Intensity**: The trend intensity of gold and silver is 1, indicating a relatively positive outlook [8]. Copper - **Fundamental Data**: The closing price of the Shanghai Copper main contract was 79,410, with a daily increase of 0.61%, and the night - session closing price was 79680, with a night - session increase of 0.34%. The London Copper 3M electronic disk closing price was 9,906, with a daily increase of 0.68% [10]. - **Macro and Industry News**: Macro - wise, the US 7 - month core PCE price index rose to 2.9% year - on - year. Micro - wise, the US government proposed to include copper in the list of critical minerals, and some companies had production - related news [10][12]. - **Trend Intensity**: The trend intensity of copper is 1 [12]. Zinc - **Fundamental Data**: The closing price of the Shanghai Zinc main contract was 22140, with a decrease of 0.14%, and the London Zinc 3M electronic disk closing price was 2814, with an increase of 0.97%. There were also changes in trading volume, positions, and other data [13]. - **News**: China's August official manufacturing PMI slightly rebounded, and the US 7 - month core PCE price index rose to 2.9% year - on - year [14]. - **Trend Intensity**: The trend intensity of zinc is 0 [15]. Lead - **Fundamental Data**: The closing price of the Shanghai Lead main contract was 16880, with a decrease of 0.18%, and the London Lead 3M electronic disk closing price was 1997, with an increase of 0.45%. There were also changes in inventory and other data [16]. - **News**: The US 7 - month core PCE price index rose to 2.9% year - on - year, and the China Securities Regulatory Commission planned to promote capital market reform [16]. - **Trend Intensity**: The trend intensity of lead is 0 [16]. Tin - **Fundamental Data**: The closing price of the Shanghai Tin main contract was 278,650, with a daily increase of 2.19%, and the night - session closing price was 272,590, with a decrease of 1.17%. The London Tin 3M electronic disk closing price was 34,825, with an increase of 0.91% [19]. - **Macro and Industry News**: There were multiple macro - level events, such as the US government's tariff - related rulings and China's regulatory policies [20]. - **Trend Intensity**: The trend intensity of tin is 1 [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing price of the Shanghai Aluminum main contract was 20740, with a decrease of 10. There were also changes in trading volume, positions, and inventory data for aluminum, alumina, and cast aluminum alloy [23]. - **Comprehensive News**: India's second - quarter GDP grew by 7.8% year - on - year, but faced tariff challenges [25]. - **Trend Intensity**: The trend intensity of aluminum is 0, alumina is - 1, and cast aluminum alloy is 0 [25]. Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 121,700, and the closing price of the stainless - steel main contract was 12,815. There were also changes in trading volume, positions, and other data in the industrial chain [26]. - **Macro and Industry News**: There were news about Canada's potential nickel export restrictions, Indonesia's nickel - related production and policy news, and a Chinese steel mill's production adjustment [26][27][29]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0 [31].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The price of copper is rising due to the weakening US dollar [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai copper main contract was 79,410 with a daily increase of 0.61%, and the night - session closing price was 79,680 with a night - session increase of 0.34%. The LME copper 3M electronic disk closed at 9,906 with a daily increase of 0.68% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper main contract was 71,061, a decrease of 2,342 from the previous day, and the open interest was 173,826, an increase of 4,829. The trading volume of the LME copper 3M electronic disk was 23,251, an increase of 8,980, and the open interest was 268,000, an increase of 474 [1] - **Futures Inventory**: The Shanghai copper inventory was 21,412, an increase of 180. The LME copper inventory was 158,900, an increase of 950, and the注销仓单比 was 8.21%, a decrease of 0.08% [1] - **Spreads**: Various spreads such as LME copper basis, spot - to - futures spreads, and inter - month spreads showed different changes compared to the previous day. For example, the LME copper basis increased by 2.53 to - 80.26 [1] 3.2 Macro and Industry News - **Macro News**: The US core PCE price index in July rebounded to 2.9% year - on - year, in line with expectations, and the tariff impact was still controllable. The China Securities Regulatory Commission plans to consolidate the stable and positive momentum of the capital market and promote a new round of capital market reform and opening up [1] - **Industry News**: The US government proposed to include copper, silicon, silver, etc. in the list of critical minerals. Freeport's Indonesian branch will complete the maintenance of the Gresik factory in early September. Hudbay Minerals resumed operations at its Snow Lake mine in Manitoba. The drainage of the eastern section of the Kamoa - Kakula copper mine in Africa will enable it to resume production capacity early next year [1][3] 3.3 Trend Intensity - The trend intensity of copper is 1, indicating a moderately positive outlook on copper prices [3]

Core Insights - The debottlenecking program at the Kipushi Zinc Mine was completed ahead of schedule and under budget, resulting in a significant increase in zinc production [1][7] - The concentrator throughput rate increased by 20%, achieving a new production record of 1,052 tonnes of zinc produced in 24 hours, which translates to an annualized rate of over 340,000 tonnes [1][4] - A three-year offtake agreement was signed with Mercuria for up to one-third of Kipushi's high-grade zinc production, complementing existing agreements with CITIC Metal and Trafigura [8] Production Improvements - Engineering work for the debottlenecking program began in September 2024, aiming to boost the concentrator throughput from 800,000 to 960,000 tonnes of ore per annum [2] - The DMS circuit's availability improved from approximately 70% to 96% after upgrades, leading to concentrator recoveries exceeding 90% [3] - In the week following the August shutdown, a record of 5,545 tonnes of zinc in concentrate was produced, indicating a potential annual production rate of about 290,000 tonnes [4] Future Production Guidance - The company anticipates a significant increase in zinc production for the remainder of 2025, maintaining production guidance between 180,000 and 240,000 tonnes of zinc [6] - Additional backup electrical upgrades are underway, with six megawatts of backup generator capacity expected to be operational in the fourth quarter to support operations during grid instability [5][12] Safety and Operational Achievements - The Kipushi project team achieved an industry-leading safety record, completing the construction and debottlenecking program without any lost time injuries [7] - The Kipushi concentrator's recent performance positions it to potentially become the world's fourth-largest zinc mining operation if the current run rate is sustained [4]

Core Points - Ivanhoe Mines is set to commence Stage Two dewatering of the Kakula Mine imminently, following the completion of Stage One on June 2, 2025 [3][22] - The company expects to reinstate its 2026/2027 production guidance in September 2025, with an updated long-term integrated mine plan targeted for Q1 2026 [1][22] - Copper grades from the Kakula Mine are anticipated to improve towards the end of the year as underground water levels decrease, allowing access to higher-grade areas [1][14] Dewatering Activities - Stage Two dewatering will involve the installation of four high-capacity submersible pumps, each with a capacity of 650 litres per second, to dewater the eastern side of the Kakula Mine [3][4] - The installation of the pumps began on August 15, 2025, with two pumps expected to be operational by the end of August and the remaining two by mid-September [9][32] - The submersible pumps will be fully submerged until the end of November 2025, when the majority of dewatering is expected to be complete [6][32] Rehabilitation and Mining Plans - Rehabilitation of accessible areas underground at Kakula is complete, and selective mining in the eastern workings is expected to start in Q1 2026 [15][22] - Dewatering of the western side of the Kakula Mine is projected to be completed within eight weeks, allowing for quick access to high-grade areas [14][32] - Stage Three dewatering activities will commence in late 2025, focusing on rehabilitating and recommissioning major existing pump stations on the eastern side of the mine [16][32] Production Guidance - Kamoa-Kakula's engineering team is expected to provide copper production guidance for 2026 and 2027 in mid-late September 2025 [22][32] - An updated life of mine plan is anticipated to be released in late Q1 2026 [22][32] Inga II Hydroelectric Facility - The refurbishment of Turbine 5 at the Inga II hydroelectric facility is nearing completion, with mechanical installation complete and commissioning activities underway [23][32]

Core Viewpoint - Sandstorm Gold Ltd. reported record financial results for Q2 2025, driven by strong commodity prices, and announced a definitive agreement for Royal Gold, Inc. to acquire Sandstorm in an all-share transaction valued at approximately $3.5 billion [1][2][3]. Financial Highlights - Record revenue of $51.4 million for Q2 2025, up from $41.4 million in Q2 2024 [4][12]. - Attributable production of 15,098 gold equivalent ounces, down from 17,414 ounces in the comparable period in 2024 [4][12]. - Cash flows from operating activities of $37.7 million, compared to $32.6 million in Q2 2024 [4][14]. - Record cash operating margins of $2,981 per attributable gold equivalent ounce, compared to $2,043 in Q2 2024 [4][14]. - Net income of $16.9 million, up from $10.5 million in Q2 2024 [4][14]. Transaction Details - Royal Gold will acquire all Sandstorm common shares at an implied value of approximately $3.5 billion, with Sandstorm shareholders receiving 0.0625 of a Royal Gold share for each Sandstorm share held [2][3]. - Post-transaction, existing Royal Gold and Sandstorm shareholders will own approximately 77% and 23% of the combined company, respectively [2][3]. Portfolio and Growth Potential - The combined portfolios are expected to create a highly diversified precious metals streaming and royalty company, with no single asset accounting for more than 12% of NAV [3][5]. - The gold-dominated portfolio is projected to have a revenue mix of approximately 87% precious metals in 2025, with 75% of total revenues from gold [3][5]. - Significant production growth is anticipated from gold-focused assets such as MARA, Hod Maden, Great Bear, Platreef, and Warintza [3][5]. Operational Insights - Approximately 82% of the gold equivalent production in Q2 2025 was from precious metals, with 11% from copper and 7% from other commodities [12][15]. - The Greenstone gold mine in Ontario is ramping up capacity, with full-year production estimates of 220,000–260,000 ounces in 2025 [16]. - The Chapada copper mine's production was impacted by lower-grade stockpiles, with forecasts of 40,000–45,000 tonnes of copper production in 2025 [18]. Future Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11][12]. - The company continues to focus on deleveraging, having made $25 million in net debt repayments during Q2 2025 [7].

29 July 2025 Global Metals & Mining Global Metals & Mining: 2025 is set to be another year of copper supply failure Bob Brackett, Ph.D. +1 917 344 8422 bob.brackett@bernsteinsg.com Andrianto Guntoro +44 207 676 6825 andrianto.guntoro@bernsteinsg.com Copper demand almost always rises (almost 3% CAGR over the next ten years, or ~1 mln tonnes/year). Copper production almost always misses, for a variety of reasons discussed below. We show that the risk of those reasons is rising. And 2025 is set to be a prime e ...

Core Insights - Ivanhoe Mines reported a Q2 2025 profit of $35 million and adjusted EBITDA of $123 million, with Kamoa-Kakula contributing $128 million to EBITDA [1][9] - Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, operating at 85% design capacity for Phases 1 and 2, and 30% above design capacity for Phase 3 [1][37] - The company is advancing its dewatering efforts at Kakula Mine, with Stage One completed and Stage Two set to commence imminently [1][49] - The startup of Africa's largest and greenest copper smelter is on schedule for September 2025 [1][68] - Recent increases in platinum and palladium prices have improved the net present value of the Platreef project by over 20% to approximately $3.8 billion [1][9] Financial Performance - Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025; profit after tax was $35 million compared to $67 million in Q2 2024 [9][1] - Kamoa-Kakula sold 101,714 tonnes of copper at an average realized price of $4.34/lb, with revenue of $875 million for the quarter [9][1] - The cost of sales per pound of payable copper sold increased to $2.85/lb in Q2 2025 from $1.87/lb in Q1 2025 [11][9] - Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $1.89/lb, up from $1.69/lb in Q1 2025 [11][9] Operational Highlights - Kamoa-Kakula's concentrators milled 3.62 million tonnes of ore in Q2 2025, producing 112,009 tonnes of copper, an 11% increase compared to Q2 2024 [37][9] - The Phase 3 concentrator achieved a record production of 40,608 tonnes of copper, operating at an annualized rate of 6.5 million tonnes, 30% above design capacity [46][12] - Kipushi operations sold 43,348 tonnes of zinc, up nearly 45% from Q1 2025, with a revenue of $97 million [11][9] - Platreef's Phase 1 project is nearing completion, with first ore feed expected in Q4 2025 [12][8] Project Development - The Kamoa-Kakula copper smelter is expected to start operations in September 2025, processing concentrates from all phases of the mine [68][1] - The company is targeting to provide an update on Kamoa-Kakula's recovery plan and ramp-up to steady-state operations by September 2025 [12][1] - The Platreef project is projected to be the lowest-cost primary platinum-group-metals producer globally, with a Phase 2 expansion expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold annually [12][8] Exploration Activities - Ivanhoe Mines is expanding the Makoko District copper discovery and exploring for new sedimentary-hosted copper discoveries across its extensive license areas in DRC, Angola, Zambia, and Kazakhstan [3][2] - The company has completed 86,000 meters of diamond drilling in the Makoko District, doubling the total copper contained in the area [16][3] - Drilling activities in Kazakhstan commenced in July 2025, with two rigs deployed for a 17,500-meter maiden diamond drilling program [16][3]