Ivanhoe Mines

Dear Army of Alpha-Fanatics:

Many of you have written expressing concern about Dr Rhesus’ recent slack production, missed deadlines, unreturned calls, and disappearance from the investing spotlight. Dr Rhesus must confess to a smorgasbord of sins, ignoring his readers is just one.

It went down like this:

Dr Rhesus was the key-note speaker at a NATO-themed Defense Conference in his home country of Bananastan (and home of the Middle-Asian Space Agency where the Dr Rhesus Secret Algo was first formulated).

Bananastanese hospitality is quite thoughtful and personalized, and the conference hosts recalled Dr Rhesus’ fondness for banana liqueur and midget porn. Dr Rhesus’ hotel room was amply stocked with the finest liqueurs and the latest in midget porn cinematic releases, names such as Snack Pack ButtSisters and She-Wolf Eats Her Cubs.

Dr Rhesus holed up in the hotel, missed his speaking session, and drank himself not into a stupor, but somehow on a cargo flight to Africa.

It was in Africa that Dr Rhesus hit rock bottom and was so despondent he thought about snorting some ebola. That’s until he came across Ivanhoe Mines.

Ivanhoe Mines redirected Dr Rhesus’ love for banana liqueur back to the hunt for alpha. It’s a fascinating story and a Dr Rhesus Secret Algo fixed income special.

Ivanhoe Mines Ltd. (TSX: IVN) is one of Canada’s premier base-metals mining companies, focused on developing and operating large-scale, high-grade mineral assets in Africa. The

company’s flagship asset is the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC), widely regarded as one of the world’s highest-grade and fastest-growing copper mines. Through its partnership with Zijin Mining, Kamoa-Kakula produced approximately 389,000 tons of copper in 2025 and remains the primary driver of Ivanhoe’s cash flow and long-term value creation. The operation is supported by an integrated smelter and is expected to return to annualized production levels exceeding 500,000 tons as expansion and recovery initiatives advance.

Beyond copper, Ivanhoe offers investors diversified exposure to critical minerals through its Kipushi zinc mine in the DRC and the Platreef platinum-group metals, nickel, copper, and gold project in South Africa. Kipushi, one of the highest-grade zinc mines globally, produced more than 203,000 tons of zinc in 2025 and is targeting further growth in 2026. Meanwhile, Platreef is considered one of the largest undeveloped precious metals and nickel deposits in the world, with recent development milestones supporting its progression toward commercial production. Together, these assets provide Ivanhoe with a strong pipeline of future production growth across several commodities essential to electrification and the global energy transition.

The company combines operating cash flow from Kamoa-Kakula with significant development upside from Kipushi, Platreef, and its extensive Western Foreland exploration district in the DRC. Ivanhoe’s portfolio of tier-one assets, strong production growth profile, and exposure to critical minerals position it as one of the more compelling mid-cap mining companies.

Dr Rhesus’ specialty is fixed income alpha and here is where some is:

Ivanhoe Corp 7.875% coupon, due 1/23/2030, with the option to call before that. Trading to yield 7.50%. Canadian issue, pays in US dollars. Cusip is 46579RAE4. Rated CCC+.

The Dr Rhesus Secret Algo has identified these securities as unique sources of non-index fixed income alpha, with credit exposure to critical minerals and metals.