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Ivanhoe Mines (IVN) investor relations material

Ivanhoe Mines Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 profit was $31M, with adjusted EBITDA of $87M, including $76M from Kamoa-Kakula.

  • Kamoa-Kakula copper production impacted by seismic activity and flooding, but recovery and dewatering are progressing, with head grades expected to improve in Q4 2025.

  • Kipushi Mine achieved record zinc production and is on track to meet 2025 guidance.

  • Platreef Mine began first ore feed into Phase 1 concentrator, with first concentrate expected in Q4 2025.

  • Balance sheet strengthened by $500M private placement with Qatar Investment Authority.

Financial highlights

  • Q3 2025 adjusted EBITDA: $87M (down from $123M in Q2 2025); profit after tax: $31M (down from $108M in Q3 2024).

  • Kamoa-Kakula Q3 revenue: $566M, operating profit: $69M, EBITDA: $196M (35% margin).

  • Kipushi Q3 revenue: $129M, EBITDA: $27M (21% margin), record 49,744 tonnes of zinc sold.

  • Cash and cash equivalents at September 30, 2025: $1,056M.

Outlook and guidance

  • Kamoa-Kakula maintains 2025 copper production guidance of 370,000–420,000 tonnes and cash cost (C1) guidance of $1.90–$2.20/lb.

  • Kipushi 2025 zinc production guidance: 180,000–240,000 tonnes, C1 cash cost: $0.90–$1.00/lb.

  • Platreef Phase 1 concentrate production expected in Q4 2025; Phase 2 expansion targeted for Q4 2027.

  • Updated life-of-mine plan for Kamoa-Kakula targeting >550,000 tonnes annualized copper production by Q1 2026.

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Frequently asked questions

Ivanhoe Mines Ltd is a mining company engaged in the exploration, development, and production of mineral properties. It focuses primarily on copper, nickel, and platinum group metals projects in Southern Africa. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.

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