Ivanhoe Mines (IVN) Q2 2025 earnings summary

Executive summary

• Achieved positive net cash flow of $169 million in Q2 2025, with Kamoa-Kakula producing 112,009 tonnes of copper and maintaining strong safety performance despite seismic disruptions.

• Kamoa-Kakula smelter commissioning is on track for September 2025, expected to significantly reduce cash costs; Platreef Phase 1 first production is on track for Q4 2025, and Kipushi debottlenecking is set to boost zinc output by 20%.

• Major safety milestones achieved, including no lost-time injuries during significant incidents and a TRIFR of 1.06 in Q2 2025.

• Platreef and Kipushi projects are progressing well, with Platreef ramp-up and Kipushi achieving record zinc production.

• Cash and cash equivalents at June-end: $672 million (Ivanhoe), $246 million (Kamoa); pro rata cash: $774 million.

Financial highlights

• Kamoa-Kakula Q2 2025 revenue: $875 million at $4.34/lb copper; EBITDA: $325 million (37% margin), impacted by lower sales and abnormal costs.

• Q2 cash cost: $1.89/lb copper; YTD cash cost: $1.78/lb, up due to lower ore grades and seismic event.

• Q2 impairment charge: $59 million for assets affected by seismic activity.

• Consolidated adjusted EBITDA: $123 million in Q2; net profit: $35 million in Q2, $158 million for H1 2025.

• Platreef capital expenditure is tracking at the lower end of guidance.

Outlook and guidance

• 2025 copper production guidance: 370,000–420,000 tonnes; 245,000 tonnes produced YTD.

• 2025 cash cost guidance revised to $1.90–$2.20/lb copper due to lower expected ore grades and delayed smelter benefits.

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

• Platreef Phase 1 first ore feed expected Q4 2025; Phase 2 development underway.

• Full mine dewatering targeted by December 2025; updated guidance for 2026–2027 to be provided in September.