Ivanhoe Mines (IVN) Investor presentation summary

Corporate overview and financial position

• Listed on TSX and OTCQX with a market cap of $12.01 billion and share price of C$11.48 as of May 6, 2026.

• Net debt stands at $471 million, with $754 million in cash and equivalents as of March 31, 2026.

• Major shareholders include CITIC Metal (21.2%), Zijin Mining (12.2%), and Robert Friedland (11.5%).

• Strong liquidity maintained, with pro-rata net debt to adjusted EBITDA at 2.02x in Q1 2026.

• $750 million senior unsecured notes due 2030 trading at a yield of 7.261%.

Asset portfolio and ownership

• Operates Kamoa-Kakula (copper), Platreef (PGMs, nickel, copper), and Kipushi (zinc, copper, silver, germanium) mines.

• Holds significant exploration projects in Western Forelands (DRC), Zambia, Angola, and Kazakhstan.

• Kamoa-Kakula ownership: 39.6% Ivanhoe, 39.6% Zijin, 20% DRC government, 0.8% Crystal River Global.

• Platreef ownership: 64% Ivanhoe, 26% B-BBEE partners, 10% Japanese consortium.

• Kipushi ownership: 62% Ivanhoe, 38% Gécamines.

Kamoa-Kakula copper complex

• Remains a world-class deposit with 35 Mt contained copper (M&I) at 2.65% grade as of March 31, 2026.

• Revised mine strategy includes increased pillar widths, reduced cut-off grade, and conversion of new reserves.

• Production guidance for 2026 and 2027 revised to 330-380 kt and 380-420 kt copper, respectively.

• Cash cost guidance for 2026: $2.60–3.00/lb; for 2027: $2.10–2.50/lb, targeting $2.00/lb from 2028.

• On-site smelter operating at 60% capacity, delivering $0.70/lb in cost savings.