Ivanhoe Mines Ltd.


South Africa


2022 / 08 / 15




37.5% Au @ $100/oz until 131,250 oz are delivered; then

30% Au @ $100/oz until 256,980 cumulative oz are delivered; then

1.875% Au @ 80% of spot thereafter if certain conditions are met

Ongoing Payment:


The Platreef Project is located in northeast South Africa, within the Bushveld Igneous Complex’s northern limb, the world’s largest source of platinum group metals (PGM). Platreef is a development-stage project which contains a large new discovery of PGM, nickel, copper and gold. The project is owned by Ivanhoe Mines (64%), a Japanese consortium of Itochu, JOGMEC and Japan Gas Corporation (10%), and a group of local communities organized through the Broad-Based Black Economic Empowerment Initiative (26%). The project contains thick zones of high-grade mineralization located at depths of 800–1,200 metres below surface which will be developed as an underground mine initially with two vertical production shafts. The deposit currently ranks as one of the largest precious metals deposits being developed in the world.

The Platreef deposit contains current reserves of 125.2 Mt with an average 4.37 3PE+Au (Pt + Pd + Rh + Au), 0.16% Cu, and 0.34% Ni (as of January 26, 2022, based on a variable NSR cut-off grade of $155 – $80/t). Indicated exclusive resources contain an additional 346 Mt with an average grade of 3.77 g/t 3PE+Au, 0.16% Cu and 0.32% Ni (based on a cut-off grade of 2.0 g/t 3PE + Au). The deposit remains entirely open for expansion to the south and west, indicating there is excellent potential for additional resource expansion.

A Feasibility Study released in 2022 by majority owner Ivanhoe Mines, outlined a multi-phase production approach. Phase 1 production, with processing capacity of 0.7 Mt per annum (Mtpa) is targeting high-grade mineralization adjacent to the project’s completed Shaft 1. Construction activities are underway and hot commissioning and ramp-up of production are planned for early 2025. An updated feasibility study is planned for the second half of 2024 for an optimized development plan for Phase 2. This plan accelerates the development of Phase 2 with a total processing capacity of 4 Mtpa, by equipping Shaft 3 for hoisting. An independent preliminary economic assessment is planned concurrently with the feasibility study on a Phase 3 expansion to 10 Mtpa processing capacity.

Recent Activity

    February 2024

    Construction of the Phase 1 concentrator is advancing on schedule and is over 80% complete. Cold commissioning is expected in the third quarter of 2024, and hot commissioning and ramp-up of production are expected in early 2025.

    An updated feasibility study and PEA, covering the scope of optimized Phase 2 and the new Phase 3 expansion is expected to be completed and published in the second half of 2024.

    March 2023

    Construction for Platreef’s Phase 1 concentrator has commenced. Ivanhoe has initiated optimization work to identify value-accretive options for installing hoisting capacity in Shaft 3, which is currently under construction and was originally planned as a ventilation-only shaft. It is now planned to be equipped for hoisting providing an alternative option to remove ore and waste from the underground mine.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.


Asset Handbook

With 250 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.