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 aim to restore Tier-One status and high-grade production, with a focus on long-term operational resilience and multi-decade mine life.

• A 60 MW solar field is being commissioned, with further expansions and battery storage planned to reduce diesel reliance and enhance energy security.

• Project 95 construction is 87% complete, targeting increased concentrator recoveries to 92-95% and commissioning in April 2026.

Mineral Reserve and Resource Update

• Indicated Mineral Resource stands at 1.27–1.3 billion tonnes at 2.65% copper, containing up to 34 million tonnes of copper.

• Proven and probable reserves: 466 million tonnes at 2.82% copper, containing 13.1 million tonnes, reflecting a 25% reduction in contained copper due to depletion and revised mine design.

• Inferred Mineral Resource increased by 0.9 million tonnes of copper, mainly due to reclassification of extraction zone pillars.

• Key changes include exclusion of mature extraction zones, reduced extraction ratios, updated mine design, lower cut-off grades, and conversion of additional resources to reserves.

• 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 above 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.

• Higher costs in the near term are driven by lower production and grades during redevelopment, but acid credits and reduced logistics costs offset operating expenses.

• Production guidance now reported as copper in anode or blister, reflecting ramp-up of the on-site smelter.