Ivanhoe’s CEO Welcomes The Move, Saying It “Marks A Significant Milestone, Not Just For Ivanhoe Atlantic But For Liberia”

A key rail and port agreement with Ivanhoe Atlantic has been ratified in Monrovia by the Liberian Legislature.

The Senate Thursday evening, December 18, 2025, concurred with the House of Representatives to ratify the Ivanhoe Liberia Concession and Access Agreement, which clears the last roadblock to a deal that formally opens the Yekepa–Buchanan railway and port system to multi-user, independently operated access—the first time in Liberia’s modern history.

Legislative Reporters at the Capitol Building say te concurrence was secured by a two-thirds majority, after a tense but brief exchange on the Senate floor between Montserrado County Senators Saah H. Joseph and Abraham Darius Dillon over the procedural status of a Joint Committee report on the agreement.

Ivanhoe Atlantic Inc. (“Ivanhoe Atlantic” or the “Company”), a U.S. mining company, congratulates the President of Liberia, the Liberian House of Representatives and the Liberian Senate following the formal ratification of Ivanhoe Atlantic’s Concession and Access Agreement.

This key Agreement provides final government approval to its subsidiaries Ivanhoe Liberia Ltd and Société des Mines de Fer de Guinee SA to transport ultra-high grade iron ore from the Kon Kweni project in Guinea to the Port of Buchanan using the existing Yekepa-Buchanan Heavy Rail Line. The project is part owned by the Government of Guinea and is expected to generate USD $16.7 billion for the Guinean government in its lifecycle in royalties, taxes and development fund contributions.

This critical project milestone is the culmination of six years of work by Ivanhoe Atlantic and the Government of Liberia. This includes the 2019 Implementation Agreement between the Government of Guinea and the Government of Liberia which approved the legal and institutional framework for cross-border transport of minerals.

Bronwyn Barnes, President & CEO, said “The ratification of our Agreement by the Liberian legislature is fully in line with President’s Boakai’s policy to transition existing Liberian rail infrastructure to multi-user, independently operated system and marks a significant milestone, not just for Ivanhoe Atlantic but for Liberia.

“This opens up a valuable logistics chain to other users in Liberia and neighboring countries, including U.S. aligned companies looking to expand into the region.  After more than twenty years, Liberia stands to fully benefit from its own infrastructure, laying the foundations for an expanded critical independently operated multi-user infrastructure corridor connecting West Africa to the Atlantic Ocean.”

“I am very grateful for President Boakai’s leadership and deep commitment to ensuring that Liberia realizes the full economic and social value of its infrastructure. I look forward to working in partnership with the Liberian Government, the soon to be enacted National Railway Authority, and the independent rail operator when they are selected by the Liberian Government. These strategic changes to the way that Liberia manages its critical national infrastructure will deliver generational benefits for the people of Liberia, and will clearly deliver strong financial benefits from multiple future rail-users.”

Ivanhoe Atlantic says it has in place a confirmed logistics route with a clear technical and financial operating framework brings Kon Kweni a step closer to construction. Ivanhoe Atlantic Inc. will now focus on the following steps to bring the Project into reality:

• Finalize all remaining environmental approvals with both governments in Guinea and Liberia.
• Continue engagement with the Government of Guinea, including through a jointly established Technical Committee, to oversee and advance the technical preparation for construction activities.
• Support the Government of Liberia through the formation of the National Rail Authority (“NRA”), responsible for overseeing the Government appointment of an independent operator for the Yekepa – Buchanan railway.
• Finalize arrangements with the current rail user/operator and the Government of Liberia to ensure smooth and efficient access to the rail and port infrastructure in the lead up to independent rail operatorship in 2030.
• Begin hiring key operational personnel and collaborating with local service providers expand downstream partnerships involving local service providers to drive local content and economic growth.

“This opens up a valuable logistics chain to other users in Liberia and neighboring countries, including U.S. aligned companies looking to expand into the region.  After more than twenty years, Liberia stands to fully benefit from its own infrastructure, laying the foundations for an expanded critical independently operated multi-user infrastructure corridor connecting West Africa to the Atlantic Ocean.”

Key elements of this major rail and port agreement

·   The ratified Concession and Access Agreement provides access for Ivanhoe Atlantic Inc. to transport its ultra-high grade iron ore (>67% Fe) from its Kon Kweni project in Guinea, part owned by the Government of Guinea, to the Liberian Port of Buchanan using the Liberian Government owned Yekepa-Buchanan Rail Line.

·   Liberian President Boakai’s policy to transition all Liberian rail to multi-user, independently operated rail will create new opportunities for mining, agricultural and industrial freight along the shared rail infrastructure.

• With the Agreement ratified, Ivanhoe Atlantic is now focused on progressing its development program. The required environmental impact assessments have been submitted in Guinea and Liberia and are undergoing regulatory review with construction intended to commence in Q1 2026.