Ivanhoe Mines (IVN) investor relations material

Executive summary

• Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, achieving positive net cash flow of ZAR 169M despite seismic disruption and with all three concentrators operating.

• Major dewatering and recovery response underway at Kamoa-Kakula, with full dewatering targeted by year-end and mining operations partially restored.

• Smelter commissioning is on track for September 2025, expected to reduce costs and support integration, with offtake agreements and advance payment facilities secured.

• Safety milestones achieved, including no lost time injuries during the incident and a TRIFR of 1.06 in Q2 2025.

• Significant resource growth in Western Forelands, with Makoko District copper resource nearly doubling and expansion into Angola and Kazakhstan.

Financial highlights

• Kamoa-Kakula Q2 2025 revenue was $875M, with EBITDA of $325M and a 37% margin; net profit for Q2 was $35M.

• Group cash and equivalents at end of June: $672M consolidated, $246M at Kamoa; pro rata cash $774M.

• $59M impairment recognized for assets affected by the seismic event.

• $750M 7.875% senior unsecured notes due 2030 issued in January 2025.

• Kipushi: Record 43,348 tonnes of payable zinc sold, $97M revenue, $9M EBITDA, and C1 cash cost of $0.96/lb.

Outlook and guidance

• Kamoa-Kakula 2025 copper production guidance maintained at 370,000–420,000 tonnes.

• 2025 cash cost guidance revised to $1.90–$2.20/lb copper due to lower feed grades and operational downtime.

• Smelter startup in September to halve logistics costs and lower C1 costs from early 2026.

• Platreef Phase 1 commissioning in Q4 2025; Phase 2 acceleration and strong PGM price tailwinds.

• Kipushi 2025 zinc production guidance maintained at 180,000–240,000 tonnes.