# Afrimintel Record Audit: Kamoa-Kakula

**Record audited:** `AFRICA_DEPOSITS` entry `n: "Kamoa-Kakula"` + flagship patch enrichment
**Afrimintel tier label:** Decision-grade
**Audit cadence committed:** Quarterly (next audit due by July 2026)
**Audit performed by:** Nikesh Patel
**Date of audit:** 18 April 2026
**Source documents reviewed:**
- Kamoa-Kakula Technical Report (NI 43-101), dated 31 March 2026, effective 31 December 2025, prepared by AMC Mining Consultants (SA) (Pty) Ltd + MSA Group (Pty) Ltd
- Ivanhoe Mines news release 31 March 2026
- Ivanhoe Mines investor presentation (32-page deck, 31 March 2026)
- Filed on SEDAR+ under Ivanhoe Mines profile

---

## Audit verdict

**Material errors found: 3. Minor deltas: 4. Unverifiable from source: 3. Missing fields: 1.**

**Record remains at Decision-grade after correction.**

All material errors have been corrected (record updated in the platform's flagship JS module + js/data.js). Missing C1 cost fields added. Source URL upgraded from news release to NI 43-101 PDF direct.

---

## Field-by-field audit table

### Identity and location

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| n | Kamoa-Kakula | Kamoa-Kakula | ✅ | none |
| lat (base record) | -10.95 | Kakula ≈ -10.75 | ⚠️ midpoint vs Kakula-specific | Corrected base record lat to -10.75 to match flagship patch |
| lon (base record) | 25.15 | Kakula ≈ 25.44 | ⚠️ midpoint vs Kakula-specific | Corrected base record lon to 25.44 to match flagship patch |
| province | Lufilian Arc | Lufilian Arc | ✅ | none |
| commodity | Cu | Cu | ✅ | none |
| status | Op | Operating | ✅ | none |

### Resource figures

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| res_mt | 1,300 Mt | 1,272 Mt | ⚠️ rounded up | Corrected to 1,272 |
| grade | 2.65% Cu | 2.65% Cu | ✅ | none |
| res_type | Indicated (string) / "M+I" (flagship) | Indicated | ⚠️ inconsistent | Normalised to "Indicated" |
| contained_cu_mt | 34.0 | 33.325 | ❌ material error | Corrected to 33.325 |
| inferred_mt | (not present) | 336 | ❌ missing | Added: 336 |
| inferred_grade | (not present) | 1.82% Cu | ❌ missing | Added |
| inferred_cu_mt | (not present) | 6.075 | ❌ missing | Added |

### Reserve figures

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| pp_reserves_mt | "0.5 Bt" (string) | 466 Mt | ⚠️ imprecise | Added field pp_reserves_mt: 466 |
| pp_reserves_grade | "2.82%" (string) | 2.82% Cu | ✅ | Added explicit field |
| **pp_reserves_mt_cu** | **4.4** | **13.1** | **❌ CRITICAL** | **Corrected to 13.1 — off by factor of 3** |

### Ownership

| Field | Afrimintel pre-audit | NI 43-101 / public | Verdict | Action |
|---|---|---|---|---|
| owners | Ivanhoe 39.6% / Zijin 39.6% / Crystal River 0.8% / DRC 20% | Ivanhoe attributable 39.6% confirmed in source document; Kamoa Holding Limited structure = 80% Ivanhoe-Zijin JV + 20% Gécamines (DRC) inferred from deal history; Crystal River Global 0.8% cited in press but NOT confirmed in source document reviewed | ⚠️ PARTIAL — only Ivanhoe 39.6% directly verifiable from source | Retained percentages with explicit `[INFERRED]` tag in record; individual entity splits flagged for resolution in July 2026 audit cycle against QP certificate pages on SEDAR+ |

### Production guidance

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| **guidance_2026_kt** | **"380-420"** | **"290-330 kt"** | **❌ CRITICAL** | **Corrected to "290-330" — Afrimintel had used 2027's number** |
| **guidance_2027_kt** | **"500-540"** | **"380-420 kt"** | **❌ CRITICAL** | **Corrected to "380-420" — Afrimintel had used 2028+'s number** |
| guidance_2028_plus_kt | (not present) | ">500 kt annualized" | ❌ missing | Added |
| q1_2026_prod_t | 71,417 | not in NI43-101 summary | ❓ from Q1 production release — not verifiable from this source | Retained with note; needs separate press-release audit |

### Cost guidance

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| c1_cost_lb_2026 | missing | US$2.60–3.00/lb | ❓ omission | Added |
| c1_cost_lb_2027 | missing | US$2.10–2.50/lb | ❓ omission | Added |
| c1_cost_lb_2028_plus | missing | ~US$2.00/lb | ❓ omission | Added |

### Metallurgy

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| met_recovery_pct | missing | 87.98% (LOM average) | ❓ omission | Added |
| smelter_recovery_pct | missing | 98.5% | ❓ omission | Added |

### Report metadata

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| framework | NI 43-101 | NI 43-101 | ✅ | none |
| report | "March 31 2026 TR (effective Dec 31 2025)" | dated 31 March 2026, effective 31 December 2025 | ✅ | Added "AMC + MSA" preparer |
| qps | "van Olden, Witley, Nyakudarika, Savvas" | Source document identifies preparers as AMC Mining Consultants (SA) + MSA Group (organisations); individual QP certificate pages NOT reviewed in this audit. Jeremy Witley (MSA) is referenced in the source in a 2022 context (prior Kakula MRE), not confirmed as 2026 signatory. | ❓ unverified from source | Hedged to "MSA Group + AMC Mining Consultants (SA) — individual QP names unverified against this report [INFERRED]". Prior four-name list was unsupported by the source document. Individual QP resolution carried to July 2026 audit. |

### Source URL

| Field | Afrimintel pre-audit | NI 43-101 | Verdict | Action |
|---|---|---|---|---|
| res_source_url | News release URL | Direct NI43-101 PDF: https://www.ivanhoemines.com/wp-content/uploads/20260331-Kamoa-Kakula-Technical-Report-ABF.pdf | ⚠️ suboptimal | Upgraded to NI43-101 PDF direct URL |

### Historical reserve evolution

Afrimintel narrative said: "reduced from Dec 2022 Probable Reserve 472 Mt @ 3.94% due to depletion + geotechnical losses"

NI 43-101 full waterfall:
- Dec 31, 2022: 472 Mt @ 3.94% Cu = 18.6 Mt contained Cu
- Dec 31, 2023: 464 Mt @ 3.92% Cu = 18.2 Mt contained Cu
- Dec 31, 2024: 453 Mt @ 3.91% Cu = 17.7 Mt contained Cu
- Dec 31, 2025: 466 Mt @ 2.82% Cu = 13.1 Mt contained Cu

Afrimintel's framing was directionally correct but understated the story. The tonnage barely moved (472→466). The contained-copper drop (18.6→13.1 Mt) was driven primarily by the GRADE drop (3.94→2.82%), not tonnage reduction. Causes per NI43-101 waterfall (contained Cu deltas):

- Mature Extraction Zone Exclusion: –1.9 Mt
- Inferred Extraction Zone Exclusion: –0.9 Mt
- Extraction Ratio (increased pillar widths → ~60% overall): –4.4 Mt ← largest single driver
- Mine Design Dilution: –0.7 Mt
- Cut-Off Grade Change (selective drop from 2.0% to 1.5%): –0.5 Mt net
- Kamoa 3–6 Resource-to-Reserve Conversion: **+3.0 Mt**
- Net: Dec 2025 = 13.1 Mt

**Action:** Rewrote `notes` field to correctly explain grade-driven drop + pillar-width rationale + partial Kamoa 3–6 offset.

---

## Corrections applied to Afrimintel

In the platform's flagship JS module (Kamoa-Kakula entry):

1. `owners` — explicitly hedged to "[INFERRED — individual entity percentages pending QP certificate verification]". Previously carried Crystal River 0.8% / DRC 20% as if verified; the audit could only verify Ivanhoe's 39.6% attributable interest from the document reviewed.
2. `report` — added "AMC + MSA" preparer identity
3. `qps` — hedged to "MSA Group + AMC Mining Consultants (SA) — individual QP names unverified against this report [INFERRED]". Prior record asserted four named individuals (van Olden, Witley, Nyakudarika, Savvas) — not verified against the 2026 QP certificate pages. Jeremy Witley appears in the source document in a 2022 context, not confirmed as 2026 signatory.
4. `res_mt: 1300` → `res_mt: 1272`
5. `res_type: "M+I"` → `res_type: "Indicated"` (matches NI43-101 categorisation)
6. `contained_cu_mt: 34.0` → `contained_cu_mt: 33.325`
7. Added `inferred_mt: 336`, `inferred_grade: "1.82% Cu"`, `inferred_cu_mt: 6.075`
8. Added `pp_reserves_mt: 466`, `pp_reserves_grade: "2.82% Cu"`
9. **`pp_reserves_mt_cu: 4.4` → `pp_reserves_mt_cu: 13.1`** ← the biggest single error
10. **`guidance_2026_kt: "380-420"` → `guidance_2026_kt: "290-330"`**
11. **`guidance_2027_kt: "500-540"` → `guidance_2027_kt: "380-420"`**
12. Added `guidance_2028_plus_kt: ">500 annualized"`
13. Added `c1_cost_lb_2026`, `c1_cost_lb_2027`, `c1_cost_lb_2028_plus`
14. Added `met_recovery_pct: 87.98`, `smelter_recovery_pct: 98.5`
15. Added `last_reviewed: "2026-04-18"`, `audit_doc: "/methodology/kamoa-kakula-audit.md"`
16. Upgraded `res_source_url` to NI43-101 PDF direct
17. Rewrote `notes` to accurately describe the contained-Cu drop rationale

In `js/data.js` (base record):

18. `lat: -10.95` → `lat: -10.75` (match flagship specificity, centred on Kakula)
19. `lon: 25.15` → `lon: 25.44` (same)
20. `res_mt: 1300` → `res_mt: 1272`
21. Rewrote `res_source` string to include precise figures + audit date + auditor name

---

## Delta implications

- **Does any correction change the grade_class tier?** No. The record remains Decision-grade because it is backed by a named NI 43-101 with tonnage, grade, operator, and source. The errors were numeric, not structural.
- **Does any correction change the record's suitability for DFI citation?** Yes. Post-correction the record is materially more reliable. Pre-correction, `pp_reserves_mt_cu: 4.4` (vs actual 13.1) would have embarrassed anyone who cited it.
- **Should the record be demoted?** No. Demotion criteria: ≥1 uncorrectable error. All errors were correctable.

---

## Unresolved items (carried to next audit cycle)

Every item below has a deadline and a named owner. Owner is Nikesh Patel for all items (solo founder; no delegation path exists at this release).

1. **Full QP name list** — Deadline: **18 July 2026** (July audit cycle). Owner: Nikesh Patel. Action: Open the NI 43-101 PDF QP certificate pages on SEDAR+ or the Ivanhoe website, extract each named QP and their sign-off scope, replace the current [INFERRED] hedge with verified names.
2. **Crystal River Global exact percentage** — Deadline: **18 July 2026**. Owner: Nikesh Patel. Action: Cross-reference the ownership structure section of the filed NI 43-101 on SEDAR+ (not press coverage). If the filing does not state it, escalate to Ivanhoe investor relations for clarification.
3. **Q1 2026 production figure (71,417 t) external verification** — Deadline: **18 July 2026**. Owner: Nikesh Patel. Action: Verify the figure against Ivanhoe's Q1 2026 production release (separate from NI 43-101). If verified, update provenance tag from `[INFERRED]` to `[VERIFIED — Q1 2026 release YYYY-MM-DD]`.
4. **First anode Q1 2026 date** — Deadline: **18 July 2026**. Owner: Nikesh Patel. Action: Same source as item 3. Either verify or remove the field from the record.
5. **Mine design details** (panel sizes, pillar widths, stope heights) — Deadline: **OPTIONAL — no hard deadline**. Owner: Nikesh Patel. Action: Defer unless pilot user explicitly asks for geotechnical deep dive. Adding fields that nobody uses is scope creep.

Each item's resolution status will be updated in this document at the next audit cycle. Items not resolved by their deadline will trigger the record's `next_audit_due` to set an amber overdue badge in the UI.

---

## Methodology lessons (HYPOTHESES — untested against other records)

Three observations from this first external audit. Each is a HYPOTHESIS that needs testing against at least 2-3 other records in the next audit cycle before being treated as a validated pattern:

1. **HYPOTHESIS — Guidance year-offset error pattern.** Kamoa's 2026/2027/2028 production guidance numbers were each shifted forward by one year. This pattern may or may not exist in other records with production guidance fields. **To be tested in July 2026 audit cycle** against at least two records with production guidance data (candidate targets: Kansanshi and Sukari, because both are Decision-grade with published annual production figures and the primary source documents are publicly accessible).

2. **HYPOTHESIS — "Highlight rounding" vs "precise figure" ambiguity.** The NI43-101 highlight rounds to "34 Mt contained Cu" while the precise figure is 33.325 Mt. A Decision-grade record should use the precise figure. Whether other records use highlight-rounded values instead of precise figures has not been tested. **To be tested in July 2026 audit cycle** against any record with a `contained_cu_mt` or equivalent field ending in `.0`.

3. **HYPOTHESIS — Contained-metal fields are high-risk for arithmetic error.** The `pp_reserves_mt_cu: 4.4` error (vs actual 13.1) appears to have been a careless calculation. Whether other records have similar arithmetic errors has not been tested. **To be tested in July 2026 audit cycle** by recomputing every contained-metal field from its tonnage × grade and comparing to the stated value.

These are NOT proven lessons. Presenting them as "rules to apply" would overstate what one audit can establish. They are hypotheses to test in the next audit cycle.

---

## Sign-off

Audit completed: 18 April 2026
Corrections applied to code: 18 April 2026
Record `last_reviewed`: 2026-04-18
Next audit due: by 18 July 2026 (quarterly cadence)

**Audit document version:** 1.0 (first external-source audit of a Afrimintel record)

Corrections, disputes, or clarifications: nikesh@afrimintel.com