Ivanhoe Mines (IVN) Status update summary

Strategic and Operational Highlights

• Over $7.0 billion invested, primarily funded by project cash flows, with $7.0 billion EBITDA generated since 2021 and the lowest capital cost intensity in the copper industry.

• Produced 1.7 Mt of copper in the first five years, with over 90% of employees being Congolese and Africa's largest, greenest copper smelter in operation.

• Redevelopment plans after a seismic event in May 2025 led to a comprehensive mine redesign, including exclusion zones and new geotechnical parameters, reducing mineral reserves but supporting a multi-decade mine life.

• Updated mine sequencing, infrastructure, and new access drives are designed to enhance safety, productivity, and operational predictability.

• Ongoing optimization studies, infill drilling, and feasibility studies are planned to refine mine designs and potentially restore some excluded resources.

Mineral Resource and Reserve Update

• Indicated Mineral Resource: 1.3Bt @ 2.65% Cu for 33.8 Mt contained copper; inferred: 0.3Bt @ 1.82% for 6.1 Mt contained copper.

• Proven and probable reserves: 466 Mt @ 2.82% Cu for 13.1 Mt contained copper as of December 31, 2025, reflecting a 25% reduction in contained copper due to depletion and revised mine design.

• 8% reduction in indicated resources due to depletion and exclusion of mature extraction zones; inferred resources increased from reclassification.

• Reserve conversion from Kamoa 3, 4, 5, and 6 mines extends mine life, with lower cut-off grades enabling more ore extraction.

• Mineral reserve and resource estimates comply with NI 43-101 standards and are reported on a 100% project basis.

Production, Cost, and Capex Guidance

• 2026 copper anode production guidance: 290,000–330,000 tonnes; 2027: 380,000–420,000 tonnes; steady-state 500,000+ tonnes expected from 2028.

• Cash cost (C1) guidance: $2.60–$3.00/lb for 2026, $2.10–$2.50/lb for 2027, targeting ~$2.00/lb from 2028 as production stabilizes.

• Capex guidance unchanged: $1.1–$1.4 billion for 2026, $750–950 million for 2027, with potential for capex deferral.

• By-product sulphuric acid sales are strong, with prices at ~$500/tonne and first ultra-low-CO₂ anode shipments completed.

• Spare concentrator capacity in 2026–2027 will be filled by opening new mining areas, with full nameplate milling capacity expected by 2028.