10:56 AM EST, 11/25/2025 (MT Newswires) -- BMO Capital Markets Tuesday kept Ivanhoe Mines ( IVPAF ) 's outperform rating and C$23 price target.

BMO said it visited Ivanhoe's Kamoa/Kakula operation in the Democratic Republic of Congo the and Platreef mine in South Africa.

The successful ongoing de-watering and reestablishing of mining operations at Kakula post the seismic event was the main focus of the visit, BMO said.

"We were encouraged by the progress and look forward to further updates as a key valuation driver for the company and focus for investors," BMO said.

"First production at Platreef from Phase 1 was noteworthy but may have been eclipsed by the extensive investments into the Phase 2 expansion due by the end of 2027," BMO added.

Ivanhoe traded at $12.99 per share at last look on the Toronto Stock Exchange.

Price: 12.93, Change: -0.03, Percent Change: -0.23