Ivanhoe Mines (IVN) Q2 2025 earnings summary

Executive summary

• Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, generating $875 million in revenue and $325 million EBITDA, with positive net cash flow of $169 million despite seismic disruptions; safety performance remained strong with no lost-time injuries.

• The Kamoa-Kakula smelter is set for start-up in September 2025, Platreef Phase 1 is on track for Q4 2025, and Kipushi debottlenecking is nearing completion to boost processing rates by 20%.

• Major milestones include Platreef’s ramp-up, Kipushi’s record zinc production, and significant resource growth at Western Forelands.

• Cash and cash equivalents at quarter-end totaled $672 million, with group pro-rata cash at $774 million.

• Net profit for Q2 2025 was $35 million, with adjusted EBITDA of $123 million.

Financial highlights

• Kamoa-Kakula Q2 2025 revenue was $875 million, with EBITDA of $325 million (37% margin), and 102,000–112,009 tonnes of copper sold/produced.

• Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025.

• Net profit for Q2 2025 was $35 million, with $158 million for H1 2025.

• Cash and cash equivalents at end of June were $672 million; group pro-rata cash was $774 million.

• Kamoa-Kakula recorded a $59 million impairment related to the seismic event.

Outlook and guidance

• 2025 copper production guidance for Kamoa-Kakula is 370,000–420,000 tonnes; cash cost (C1) guidance revised to $1.90–$2.20/lb due to lower ore grades and delayed smelter benefits.

• Platreef Phase 1 commissioning is set for Q4 2025, with Phase 2 development underway and financing progressing.

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

• Full dewatering and mine recovery at Kamoa-Kakula expected by December 2025, with a comprehensive life-of-mine plan to be published in Q1 2026.

• Platreef Phase 1 capex is tracking at the lower end of guidance.