Ivanhoe Mines reported third-quarter 2026 earnings per share of C$0.0441, below the C$0.07 estimate. Its operating update, however, pointed to a recovery plan at Kamoa-Kakula, which posted record quarterly revenue.
Ivanhoe Mines Ltd. (TSX: IVN) released its results after the market closed on November 3. The EPS figure was 37% below the estimate. The company also reported a US$45 million quarterly profit and US$241 million in adjusted EBITDA. As Ivanhoe works to stabilize Kamoa-Kakula, Kipushi and Platreef offer other operating and development drivers. Here’s what Canadian investors should know about the results and updated outlook.
Recent earnings trend
Ivanhoe Mines Ltd.
IVN.TO
IVN.TO
Ivanhoe Mines Ltd.
WealthAwesomeMarket cap
$12.84B
P/E
75.0x
52W high
$20.34
52W low
$8.88
1W change
-9.11%
Beta
1.75
Analyst Price Targets
Based on analyst covering IVN · as of Nov 4, 2026
Wall Street analysts forecast IVN stock price to rise 69.7% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$15.07
+69.7% Upside
Previously C$15.09 on Nov 2, 2026
Current Price
C$8.88
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on IVN's historical volatility
30-Day Vol
47.8%
Annualized
90-Day Vol
54.8%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$7.43
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$8.37 | C$7.09 – C$9.87 |
| 60 trading days | C$7.88 | C$6.24 – C$9.96 |
| 90 trading days | C$7.43 | C$5.58 – C$9.89 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 6 analyst(s) cover this name; upcoming EPS consensus is available.
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | 0.0441 | 0.0700 | -37.0% |
| 2026-06-30 | 2026-07-28 | 0.0400 | 0.0500 | -20.0% |
| 2026-03-31 | 2026-05-06 | -0.0050 | 0.0500 | -110.0% |
| 2025-12-31 | 2026-02-18 | 0.0400 | 0.0400 | +0.0% |
| 2025-09-30 | 2025-10-29 | 0.0200 | 0.0100 | +100.0% |
| 2025-06-30 | 2025-07-30 | 0.0300 | 0.0400 | -25.0% |
Investor takeaway: Ivanhoe has missed consensus estimates in four straight reported quarters. But EPS doesn’t tell the whole story: the company reported a US$45 million profit, and Kamoa-Kakula brought in record quarterly revenue of more than US$1 billion. The key question is whether the revised production and cost plan can bring stability back to the copper complex. Follow IVN.TO results and operating updates on the Ivanhoe Mines stock page.
C$0.0441 EPS versus C$0.07 estimated
The 37% miss extends a four-quarter run without an earnings beat. The previous three quarters came in 20% below estimates, 110% below estimates and in line with estimates. The recent earnings trend table shows the quarter-by-quarter results.
Bull case
Ivanhoe reported US$241 million in adjusted EBITDA, including US$190 million from Kamoa-Kakula and US$108 million from Kipushi. Management says mining rates and concentrator recoveries are improving at Kamoa-Kakula. The company plans to release an updated life-of-mine plan in March 2027. It also outlined a path to about 500,000 tonnes of annual copper production through a Phase 4 expansion.
Bear case
Ivanhoe’s EPS came in 37% below the estimate, and the company has missed estimates in each of its last four reported quarters. Management lowered its 2027 Kamoa-Kakula production guidance to 300,000–350,000 tonnes and set cash-cost guidance at US$2.50–US$3.00 per pound. The revised outlook highlights the work still needed to improve operations. Shares closed at C$8.88, below their 50-day and 200-day moving averages.
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