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Ivanhoe Mines
(OTC:IVN)
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Rating:50Neutral
Price Target:
C$10.00
▼(-18.50% Downside)
Action:Reiterated
Date:06/05/26
The score is held back primarily by persistently negative operating/free cash flow and a very high P/E, despite solid revenue growth and a reasonably conservative balance sheet. Technicals are mildly supportive in the short term but do not offset the cash-flow and valuation risks.
Positive Factors
Revenue Growth Momentum
Sustained revenue growth over recent periods indicates improving operational scale and market traction. Over 2–6 months this supports higher throughput economics, better absorption of fixed costs, and gives management room to prioritize reinvestment or margin improvements as projects mature.
Negative Factors
Persistent Negative Cash Flow
Repeated negative operating and free cash flow means the business is not yet self-funding, forcing reliance on external financing or reserves. Over months this elevates dilution and refinancing risk and constrains discretionary spending and capex sequencing for long-lead projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
Sustained revenue growth over recent periods indicates improving operational scale and market traction. Over 2–6 months this supports higher throughput economics, better absorption of fixed costs, and gives management room to prioritize reinvestment or margin improvements as projects mature.
Read all positive factors
Ivanhoe Mines (IVN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.99B
Dividend YieldN/A
Average Volume (3M)3.50M
Price to Earnings (P/E)73.1
Beta (1Y)2.37
Revenue Growth336.94%
EPS Growth-70.03%
CountryCA
Employees6,800
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.09
Shares Outstanding1,426,261,700
10 Day Avg. Volume3,560,359
30 Day Avg. Volume3,495,378
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$13.81Price Target Upside12.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.22
Revenue Forecast (FY)C$849.81M
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:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call highlighted multiple major operational and strategic milestones—commissioning and early ramp-up of the Kamoa-Kakula smelter, record Kamoa-Kakula revenue and strong EBITDA generation, Kipushi’s rapid ramp and improved zinc economics, Platreef inauguration and advancing Phase 2, an accelerated and well-funded exploration program, and a solid liquidity position. These positives are balanced against notable short-term operational challenges: a tragic fatality, flooding/dewatering and reserve impacts at Kakula that depress near-term grades and push up short-term unit costs, some one-off G&A and logistics pressures in Q4, and timing-driven inventory/sales variability. On balance, the achievements, growth projects and financial/strategic momentum materially outweigh the operational setbacks and one-off cost pressures reported on the call.Positive Updates
Kamoa-Kakula Strong Financial Performance
Kamoa-Kakula achieved its highest calendar-year revenue of $3.3 billion in 2025 at a realized copper price of $4.40/lb, produced ~389,000 tonnes of copper for the year, and recorded annual EBITDA of $1.4 billion (44% margin). Q4 EBITDA was $331 million, up 69% quarter-on-quarter, and Q4 sales included ~79,000 tonnes of payable copper with Q4 revenue of $866 million at a realized price of $4.98/lb.
Negative Updates
Fatal Safety Incident at Kamoa-Kakula
A maintenance incident at the Phase 2 concentrator resulted in a flammable liquid ignition; one contractor tragically died and another was severely burned (hospitalized, stable). Management has launched a full investigation and emphasized renewed safety focus. This is a material human and reputational negative event.
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Q4-2025 Updates
Positive
Negative
Kamoa-Kakula Strong Financial Performance
Kamoa-Kakula achieved its highest calendar-year revenue of $3.3 billion in 2025 at a realized copper price of $4.40/lb, produced ~389,000 tonnes of copper for the year, and recorded annual EBITDA of $1.4 billion (44% margin). Q4 EBITDA was $331 million, up 69% quarter-on-quarter, and Q4 sales included ~79,000 tonnes of payable copper with Q4 revenue of $866 million at a realized price of $4.98/lb.
Read all positive updates
Company Guidance
Management reiterated production and cost guidance across the portfolio: Kamoa‑Kakula was reaffirmed at 380,000–420,000 t Cu in 2026 (with potential 2027 output of ~500,000–540,000 t), cash‑cost guidance of $2.20–$2.50/lb payable Cu in 2026 improving to $1.90–$2.30/lb in 2027, and the new $1.1B smelter (already >60% ramped) is expected to cut logistics/TC‑RCs by ~30% and produce ~1,200 t/day of sulfuric acid (realized prices >$450/t); management expects 2026 copper sales to exceed production by at least ~30,000 t while inventory in the smelting circuit falls to ~17,000 t. Kipushi’s 2026 guidance is 240,000–290,000 t Zn in concentrate with cash costs $0.85–$0.95/lb (Q4/2025: $0.86/$0.92 per lb), and Platreef’s Phase‑2 aims to ramp to roughly 450,000 oz 4E/year by end‑2027 (company also cites a ~500,000 oz 4E case with ~10,000 t Ni and ~5,000 t Cu for the larger expansion) with key shaft and plant milestones through 2027–2029. Exploration is budgeted at $90M in 2026 (≈$50M in the Western Forelands, ~140 km drilling) with an updated Western Forelands resource mid‑year, and liquidity/finance metrics cited included Ivanhoe cash of $885M, Kamoa cash $311M and consolidated net‑debt/EBITDA ~2.1x.Ivanhoe Mines Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
74
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 530.64M | 449.35M | 40.82M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 37.58M | -35.18M | -8.64M | 0.00 | 0.00 | 0.00 |
| EBITDA | 194.33M | 380.79M | -124.00M | -93.74M | -85.48M | -102.02M |
| Net Income | 132.24M | 266.13M | 228.13M | 318.93M | 410.86M | 55.24M |
Balance Sheet | ||||||
| Total Assets | 7.58B | 7.61B | 5.74B | 5.00B | 3.97B | 3.22B |
| Cash, Cash Equivalents and Short-Term Investments | 754.43M | 883.64M | 102.08M | 560.27M | 597.45M | 608.18M |
| Total Debt | 1.24B | 1.27B | 369.19M | 953.98M | 741.88M | 490.63M |
| Total Liabilities | 1.88B | 1.90B | 901.91M | 1.42B | 1.13B | 841.21M |
| Stockholders Equity | 5.89B | 5.89B | 4.99B | 3.70B | 2.93B | 2.49B |
Cash Flow | ||||||
| Free Cash Flow | -497.66M | -477.48M | -644.14M | -509.46M | 18.43M | -59.69M |
| Operating Cash Flow | -148.84M | -129.68M | -152.43M | -31.57M | 177.09M | -7.09M |
| Investing Cash Flow | -690.34M | -677.37M | -495.40M | -477.00M | -173.63M | -208.58M |
| Financing Cash Flow | 770.42M | 1.44B | 206.95M | 500.27M | -9.69M | 561.97M |
Ivanhoe Mines Technical Analysis
Negative
12.27
Price Trends
11.41
Negative
11.77
Negative
13.46
Negative
Market Momentum
-0.37
Positive
38.81
Neutral
32.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IVN, the sentiment is Negative. The current price of 12.27 is above the 20-day moving average (MA) of 10.64, above the 50-day MA of 11.41, and below the 200-day MA of 13.46, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 38.81 is Neutral, neither overbought nor oversold. The STOCH value of 32.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | C$37.82B | 20.42 | 7.35% | 0.78% | 5.10% | 429.79% | |
70 Outperform | C$37.82B | 20.42 | 7.35% | 0.78% | 5.10% | 429.79% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$13.99B | 73.12 | 2.32% | ― | 336.94% | -70.03% | |
47 Neutral | C$5.25B | -39.06 | -39.16% | ― | ― | -59.48% | |
43 Neutral | C$4.38B | -16.89 | -185.40% | ― | ― | -32.52% |
* Basic Materials Sector Average
TSE:IVN
Ivanhoe Mines
9.81
-1.45
-12.88%
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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.