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Q3 2025 FINANCIAL RESULTS October 30, 2025 www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF
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DISCLAIMER AND FORWARD -LOOKING STATEMENTS 2 The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanho e”) has been prepared to assist the reader in understanding the business and financial results of Ivanhoe for the periods indicat ed and does not purport to be complete or to contain all of the information a reader may require about Ivanhoe. Ivanhoe and its affiliates make no representation or warranty as to the accuracy, reliability, reasonableness or completeness of this information and shall not have any liability f or any representations regarding information contained in, or for any omission from, this presentation or any other written or oral communications transmitted to the read er except as required by law. The information contained in this presentation is not investment or financial product advice and i s not intended to be used as the basis for making an investment decision. A reader is directed to all of Ivanhoe’s publicly filed documentation and information which ca n be found at www.sedarplus.ca and on www.ivanhoemines.com. This presentation shall not, and is not intended to, constitute or contain an offer or invitation to sell, or the solicitatio n of an offer to buy, and may not be used as, or in connection with, an offer or invitation to sell or a solicitation to buy, an y securities of Ivanhoe or any financial instruments related thereto in any jurisdiction. Forward-Looking Statements Certain statements in this presentation constitute “forward -looking statements” or “forward-looking information” within the mean ing of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other f actors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any f uture results, performance or achievements expressed or implied by such forward -looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forec ast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect Ivanhoe’s current expectations regarding future events, performance and results and speak only as of the d ate of this presentation. Such statements include, without limitation: (i) statements that at current run rates, surface stockpiles at Kamoa -Kakula are expected to provide mill feed to the Phase 1 and Phase 2 concentrators until Q1 2026; (ii) statements that from mid -November, mining crews plan to advance towards the centre of the western side of the Kakula Mine, improving head grades to between 3.5% and 4.5%; (iii) statements that the Phase 1 and 2 concentrators will continue to process ore from the western side of the Kakula Mine, as well as surface stockpiles, until Q1 2026, when the stockpiles are depleted and that thereafter, selective mining will commence within the existing workings on the eastern side of the Kaku la Mine, which will augment rising production from higher-grade areas on Kakula’s western side to underpin improved underground min ing rates; (iv) statements that the feed grade into the Phase 3 concentrator will continue to average approximately 2.5% copper for the foreseeable future; (v) s tatements that Ivanhoe Mines will provide an update on Kamoa -Kakula’s production guidance and recovery plan over the medium term by the latest Q1 2026; (vi) statements with respect to the projected decrease in underground water levels at the Kakula Mine through to end of November 2 025; (vii) statements that the heat -up of Kamoa-Kakula’s state-of-the-art on-site, 500,000-tonne-per-annum direct-to-blister copper smelter is expected to commence in November 2025 and that Kamoa-Kakula’s management team expects to process the majority of concentrates produced by th e Phase 1, 2, and 3 concentrators through the on -site smelter, with any excess concentrate toll-treated at the nearby Lualaba Copper Smelter in Kolwezi; (viii) statements that total unsold copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is exp ected to reduce to approximately 17,000 tonnes as the smelter reaches full ramp-up; (ix) statements that Kamoa -Kakula’s Project 95 is expected to be completed in early Q2 2026; (x) statements that commercial operation of the BESS at Kamoa -Kakula is expected from Q2 2026; (xi) statements that Kamoa -Kakula plans to expand its on-site solar facilities further over time, targeting a baseload capacity of up to 120 MW; (xii) stat ements that Kamoa-Kakula is expected to be allocated imminently an initial 50 MW of hydroelectric power from Inga II, increasing to 100 MW in Q1 2026, an d thereafter incrementally increasing to 150 MW as grid improvement initiatives are completed; (xiii) statements that the remain ing workstreams of upgrading the filter banks at SCI and SCK will occur in phases over the next 18 months, ultimately increasing the total power delivery from Inga I I hydro facility up to 150 MW from H1 2027; (xiv) statements that the additional electrical infrastructure upgrades at Kipushi are well underway, with the additional generator capacity expected to be completed in Q4 2025, while completion of the main electrical intake substation expected in Q1 2026; (xv) statements that the development ore stockpiles at Platreef will feed the 0.8 Mtpa Phase 1 concentrator during the initial stages of ramp-up; (xvi) statements that long hole stoping (production mining) is expected to commence in early Q2 2026, once Shaft #3 is commissioned and is ready to hoist towards the end of Q1 2026; (xvii) statements that Ivanplats’ project team have commenced work on Phase 2 development, with the concentrator expansion targeted for completion in Q4 2027; (xviii) statements that expansion of the shaft to a diameter of 10 metres will commence in Q1 2026; (xix) statements that negotiations are advancing well for a $700 million Phase 2 senior project fin ance facility and that Ivanhoe is anticipating that the new financing will be in place during Q1 2026; (xx) statements that financing for the future Phase 3 ex pansion is expected to be underpinned by cash flow generated from Platreef’s Phase 1 and 2 operations; (xxi) statements that following the Phase 3 expansion, as shown in Figure 4, the Platreef Mine is expected to be one of the world’s largest primary platinum group metal producers on a platinum -equivalent basis; (xxii) statements that field-based exploration activities in Zambia are expected to commence after the rainy season ends in Q2 2026; a nd (xxiii) statements that expenditure for the year will be under budget for a total of approximately $55 million. With respect to this specific forward-looking information, Ivanhoe has based its assumptions and analysis on certain factors tha t are inherently uncertain. Uncertainties include: ( i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of equipment and facilities necessary to complete development and exploration; (vii) the cost o f consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) cur rency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations; and (xix) the consistency and availability of electric power. This presentation may also contain references to estimates of Mineral Resources and Mineral Reserves. The estimation of Miner al Resources is inherently uncertain and involves subjective judgments about many relevant factors. Estimates of Mineral Reserve s provide more certainty but still involve similar subjective judgments. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viabi lity. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions mad e and judgments used in engineering and geological interpretation (including estimated future production from the company’s projects, the anticipated tonnages an d grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and dep end, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource or Miner al Reserve estimates may have to be re-estimated based on: (i) fluctuations in copper, nickel, zinc, platinum group elements, gold or other mineral prices; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluat ion of mine plans subsequent to the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive requ ired permits, approvals and licences; and (vii) changes in law or regulation. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of futu re performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many fac tors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, however not limited to, the f actors discussed above and under the “Risk Factors” heading in the company’s MD&A for the three and nine months ended Septemb er 30, 2025, in the company’s current annual information form, and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; socia l or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and s upport continued exploration, studies, development or operations. Although the forward-looking statements contained in this release are based upon what management of the company believes are rea sonable assumptions, the company cannot assure investors that actual results will be consistent with these forward -looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement . Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward -looking statements contained herein to reflect events or circumstances occurring after the date of this release. The company’s actual results could differ materially from those anticipated in these forward -looking statements as a result of t he factors outlined in the “Risk Factors” section in the company’s MD&A for the three and nine months ended September 30, 202 5, in the company’s current annual information and elsewhere in this release. Non-GAAP Financial Measures This presentation includes earnings before interest, tax, depreciation and amortization (“EBITDA”), “Adjusted EBITDA”, “EBITD A Margin %” and "Cash costs (C1) per pound" which are non -GAAP financial performance measures. For a detailed description of each o f the non-GAAP financial performance measures used in this presentation please refer to the detailed reconciliation to the most directly comparable me asure under IFRS, located in Ivanhoe’s MD&A for the period ending September 30, 2025. The non -GAAP financial performance measures set out in this presentation are intended to provide additional information to readers and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. NI 43-101 Statements Ivanhoe has prepared a current, independent, compliant technical report for each of the Platreef Project, the Kipushi Project and the Kamoa-Kakula Copper Complex, which are available on the Company’s website and also under the Company’s SEDAR+ p rofile at www.sedarplus.com: The Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA dated 30 January, 2023, prepared by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co., Ltd., of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; Metso-Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; SRK Consulting Inc. of Johannesburg, South Africa; and MSA Group of Johannesburg, South Africa., covering the Compa ny’s Kamoa-Kakula Project (“Kamoa-Kakula Integrated Development Plan 2023”); The Platreef Integrated Development Plan 2025 dated March 31, 2025, prepared by OreWin Pty Ltd., Mine Technical Services, SRK Consulting Inc., DRA Projects (Pty) Ltd, and Golder Associates Africa (“Platreef Technical Report”); and, The Kipushi 2022 Feasibility Study dated February 14, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and MDM (Technical) Africa Pty Ltd. (a division of W ood plc), covering the Company’s Kipushi Project (“Kipushi Technical Report”). These Technical Reports include relevant information regarding the effective date and the assumptions, parameters and methods of the mineral resource estimates on the Kamoa -Kakula Copper Complex, the Platreef Mine and the Kipushi Mine cited in this presentation, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure con tained in this presentation in respect of the Kamoa -Kakula Copper Complex, the Platreef Mine and the Kipushi Mine. Disclosures of a scientific or technical nature regarding Ivanhoe’s mineral projects in this presentation that are not includ ed in the Kamoa-Kakula Technical Report, have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of National Instrument NI 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Amos is not considered independent under NI 43-101 as he is the Head of the Kamoa-Kakula Project. Mr. Amos has verified such technical data. Disclosures of a scientific or technical nature regarding the Western Forelands Exploration Project and the Company’s other e xploration projects in this presentation have been reviewed and approved by Tim Williams, who is considered, by virtue of his ed ucation, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Williams is not considered independent under NI 43-101 as he is the Vice President, Geosciences, at Ivanhoe Mines. Mr. Williams has verified the technical data regarding the Western Forelands Exploration Project disclosed in this presentation.
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Robert Friedland, Founder & Executive Co-Chairman OPENING REMARKS Platreef Mine site in the background with the Phase 1 concentrator in the foreground, which recently received its first feed of ore 3
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Q3 2025 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer Members of Kamoa-Kakula’s executive team and project team in front of the discharge point and settling ponds of the Stage 2 dewatering 4
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71,266 tonnes Copper Produced Q3 2025: TURNAROUND ON TRACK AT KAMOA-KAKULA $566 million Revenue (Kamoa - Kakula ) $196 million EBITDA (Kamoa - Kakula) $2.62 per lb. C1 Cash Cost ( Kamoa - Kakula ) Updated life - of - mine integrated development plan well underway for Q1 2026; targeting return of annualized copper production to over 550,000 tonnes (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Record 57,200 tonnes of zinc produced at Kipushi following completion of debottlenecking; operations on track to meet 2025 production and cash cost guidance 5 Stage Two dewatering advancing for completion in early December; head grades set to improve, with operations on track to meet 2025 production and cash cost guidance First feed of ore into Platreef Phase 1 concentrator ; Phase 2 engineering contractor appointed Kamoa - Kakula smelter start up in November boosting margins; Inga II Turbine #5 refurbishment complete EBITDA and C1 cash cost are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A
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1.79 0.92 0.90 1.05 2022 2023 2024 YTD 2025 HEALTH & SAFETY: OUR NUMBER ONE PRIORITY TRIFR: Total recordable injury frequency rate = (fatalities + lost time injuries + restricted work injury + medical treatment injury) x 1,000,000 / hours worked. Data shown represents TRIFR across Ivanhoe Mines (1) Most recent industry peer average TRIFR as calculated by ICMM. Ivanhoe Mines’ industry-leading total recordable injury frequency rate (TRIFR) 2.59 Industry Average(1) Construction of the Kipushi concentrator (started in September 2022) and the recently completed debottlenecking program were achieved without a single lost time injury recorded Dewatering and rehabilitation of Kakula continues safely 6 Construction of the Kamoa-Kakula smelter was completed without a single lost time injury recorded
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Q3 2025 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer Ultra-high-grade run-of-mine stockpiles adjacent to the Kipushi concentrator 7
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103.1 112.8 110.0 101.7 61.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (1). Revenue includes remeasurement from contract receivables which was a gain of $11 million in Q3 2025, $6 million in Q2 2025 and $51 million in Q1 2025. . $828 $843 $973 $875 $566 $4.16/lb. $4.08/lb. $4.19/lb. $4.34/lb. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Payable Copper Sold (kt) Quarterly Revenue(1) ($ million) / Realized Copper Price ($/lb.) Copper sold lower due to ongoing recovery plan, partially offset by higher realized copper price $4.42/lb. 59,000 tonnes of unsold copper in inventory; unsold inventory to decline to 17,000 tonnes as smelter ramps up advances (Figures shown on 100% basis for Kamoa-Kakula, US dollars) 8
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$2.62 $1.89$1.69$1.75$1.69 11% 13% 14% 11% 13% Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 $470 $432 $594 $325 $196 57% 51% 61% 37% 35% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS C1 cash costs per pound increased in Q3 2025 driven primarily by the processing of lower - grade ore during recovery plan ; on target to meet 2025 cash cost guidance of $1.90/lb. to $2.20/lb. Cash Cost (C1) ($/lb.) / Power costs as % of cash cost EBITDA ($ million) / EBITDA Margin (%) (Figures shown on 100% basis for Kamoa-Kakula) 9 EBITDA for Q3 2025 of $196 million with EBITDA margin of 35% Notes: “EBITDA”, “Adjusted EBITDA”, “EBITDA margin”, and "Cash cost (C1)“ are non-GAAP financial performance measures. For a detailed description of each of the non-GAAP financial performance measures used herein and a detailed reconciliation to the most directly comparable measure under IFRS Accounting Standards, please refer to the non-GAAP Financial Performance Measures and Pro-Rata Financial Ratios sections of the company’s MD&A for the three and nine months ended September 30, 2025. (Figures shown on 100% basis for Kamoa-Kakula, US dollars)
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($ 299) $81 $25 $5 $59$ 325 $ 196 EBITDA Q2 2025 Abnormal Costs Tonnes sold Revenue - Copper Price Logistics, treatment & refining charges Cost of sales & other EBITDA Q3 2025 Chart Title KAMOA-KAKULA: Q3 2025 EBITDA WATERFALL Quarter-on-quarter decrease in EBITDA due to lower production and sales from ongoing recovery plan in place since mid-Q2 2025. EBITDA and C1 cash cost are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A Quarter on Quarter EBITDA Waterfall (US$ million) (Figures shown on 100% basis for Kamoa-Kakula, US$ million) 10
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$0 $4 $11 $9 $27 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash Cost $1.13/lb Cash Cost $0.93/lb Cash Cost $0.96/lb Kipushi EBITDA (US$ million) KIPUSHI: QUARTERLY FINANCIAL RESULTS Year to date cash cost (C1) of $0.95/lb; in line with the mid-point of 2025 guidance of $0.90/lb. to $1.00/lb. A record 49,744 tonnes of payable zinc sold, recognizing a record $129 million in revenue(1) and record $27 million in EBITDA for Q3 2025 (1). Revenue includes remeasurement from contract receivables which was a gain of $2.5 million in Q3 2025 (Figures shown on 100% basis for Kipushi, US dollars) 11 Cash Cost $0.95/lb Q3 2025 Cash Cost (C1) Breakdown (US$ per pound of payable zinc sold) Mining 0.18 Processing 0.05 Logistics charges 0.49 Treatment charges 0.07 Support services 0.16
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$160 $136 $226 $123 $87 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 12 IVANHOE MINES’ ADJUSTED EBITDA (1). The Company's attributable share of EBITDA from the Kamoa-Kakula joint venture is calculated using the Company’s effective shareholding in Kamoa Copper SA (39.6%), Ivanhoe Mines Energy DRC SARL (49.5%), Kamoa Holding Limited (49.5%) and Kamoa Centre of Excellence (49.5%). EBITDA and adjusted EBITDA are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) Ivanhoe Mines’ net profit for Q3 2025 of $31 million, primarily impacted by lower share of profit from Kamoa-Kakula joint venture of $11 million Lower adjusted EBITDA in Q2 and Q3 2025 driven by production impact and recovery plans since May 2025 at the Kamoa-Kakula joint venture
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$152 $101 $98 $246 $125 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $180 $117 $717 $672 $1,056 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Group cash and cash equivalents of $1,056 million at quarter end, bolstered by private placement proceeds of $570 million TREASURY AND LIQUIDITY OUTLOOK Kamoa-Kakula: Cash and cash equivalents ($ million) (Figures shown in US$ million) Ivanhoe Mines: Cash and cash equivalents ($ million) 13 $120 million revolving credit facility undrawn Improved liquidity at Kamoa-Kakula with repayment holidays on the advanced payment facilities, additional $500-million offshore facility and $135 million increase in shareholder loan
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GROWTH CAPEX All capital expenditure figures are presented on a 100% - project basis. Ivanhoe Mines’ capex guidance is based on several assumptions and estimates. Guidance also involves estimates of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially. For more information refer to Ivanhoe Mines’ MD&A for the three and nine months ended September 30, 2025 . Kipushi 2025 capital guidance raised by $10 million; $20 million advanced payment facility entered into with off- taker Mercuria Energy Trading (Figures shown on 100% basis, US$ million) 14 Kamoa-Kakula 2025 capital expenditure range lowered by $100 million; 2026 guidance range raised by $100 million Capital Expenditure YTD 2025 Actual 2025 Guidance 2026 Guidance Kamoa-Kakula Phase 3 and other expansion capital 630 900 – 1,000 – Sustaining capital 280 420 – 500 – Total 910 1,320 – 1,500 800 – 1,300 Platreef Phase 1 initial capital 27 70 – Phase 2 capital 147 180 – 210 350 – 380 Total 174 250 – 280 350 – 380 Kipushi De-bottlenecking capital 25 30 – Sustaining capital 38 50 50 Total 63 80 50 Platreef 2025 capital expenditure in line with lower end of guidance; $700 million Phase 2 project finance facility on track for Q1 2026 close
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$774 $1,110 Q2 2025 Q3 2025 1.83 1.47 Q2 2025 Q3 2025 IMPROVED CONSOLIDATED PRO-RATA FINANCIAL RATIOS $750 million 7.875% debut senior unsecured notes due 2030; offering closed on January 23, 2025 The pro rata financial data has been calculated by aggregating the contributions of the Company with the contributions from the Kamoa-Kakula joint venture, pro rata to the Company’s effective shareholding in the Kamoa-Kakula JV. Pro-rata net debt to adjusted EBITDA ratio is a non-GAAP financial measure. Pro-rata net debt to adjusted EBITDA ratio is pro- rata net debt divided by adjusted EBITDA for the twelve months ended at the reporting period, expressed as the number of times adjusted EBITDA needs to be earned to repay the pro-rata net debt. The pro forma financial information shows certain consolidated financial information as adjusted to give pro forma effect to the $750 million 7.875% debut senior unsecured notes due 2030 offering closed on January 23, 2025. Ivanhoe Mines’ credit ratings: B stable Improved financial ratios; target leverage ratio of 1.0x Pro-Rata Net Debt / Adjusted EBITDA through the cycle B stable Pro-rata total cash ($ million) Pro-rata net debt to adjusted EBITDA (LTM) (Figures shown in US$ million) 15
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OPERATIONS & PROJECT UPDATE Alex Pickard, EVP, Corporate Development & IR Jose Cadillo, Section Surveyor, flying an Elios Lidar drone to quantify stope extraction inside the Big Zinc deposit at Kipushi Steve Amos, EVP Projects 16 Mark Farren, Chief Operating Officer
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3,266 3,655 3,723 3,622 3,456 4.14% 4.26% 4.10% 3.58% 2.47% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 116,313 133,819 133,120 112,009 71,266 85.3% 86.6% 87.4% 85.4% 82.7% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 KAMOA-KAKULA: QUARTERLY PRODUCTION Copper in concentrate produced (tonnes) / Combined copper recovery (%) Total ore tonnes milled (‘000’s tonnes) / Combined copper ore grade processed (%) (Figures shown on 100% basis for Kamoa-Kakula) 17 Phase 1 & 2 concentrators operating at 80% capacity; Kakula Mine head grades to improve from Q4 2025 as dewatering activities re-open higher-grade mining areas For second straight quarter, Phase 3 concentrator milling at ~30% above design capacity, equivalent to an annualized milling rate of 6.5 million tonnes
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RECOVERY PLAN: DEWATERING KAKULA MINE Stage One: install temporary pumping capacity to hold water levels stable (completed early June) Stage Three: rehabilitate existing underground pumping infrastructure to pump the remaining sections dry (targeting to start in November) On track to deliver recovery plan in place since June 2025 Stage Two: install four high-capacity (650l/s) submersible pumps down existing shafts to dewater the eastern side of Kakula from surface (targeting completion early December) Plan view of Kakula Mine: Estimated decline in underground water levels from early Nov (in light blue) to early Dec 2025 (in(dark blue) 18
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STAGE TWO DEWATERING PUMP STATIONS Looking South: The two existing shaft locations where the dewatering pumps were installed within just 6 weeks to dewater the eastern side of the Kakula Mine 19 Submersible pumps 3 & 4 commissioned mid-Sept Submersible pumps 1 & 2 commissioned late August Installation completed in approximately six weeks – a major achievement
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KAKULA MINE: BEFORE REHABILITATION Underground at the Kakula Mine showing a dewatered area before rehabilitation works 20
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KAKULA MINE: AFTER REHABILITATION Underground at the Kakula Mine showing a dewatered area after rehabilitation works 21
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Production guidance to be provided as dewatering advances, latest by early 2026 New access decline North-east access ramp South-east access ramp Eastern side workings (dewatering + rehab) Western side workings (ramp up) 22 Work commenced in Q2 2025 on a comprehensive new life of mine design; completion on track for Q1 2026 Kamoa Copper engineering working with world-class industry experts to determine conservative ramp-up plan to 17 Mtpa from Kakula and Kamoa complex Target overall copper production rate from the complex to return to over 550 ktpa in the medium term UPDATED MEDIUM AND LONG TERM MINE PLANS UNDERWAY
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DIRECT-TO-BLISTER SMELTER: START UP IN NOVEMBER 23 Heat-up of smelter expected to commence in November; UPS nearing completion Reduced shipping volumes and acid credits – improved margin and cash costs Export ban of acid from Zambia has raised spot prices for high-strength sulphuric acid in DRC to >$500 per tonne The installation of the smelter’s 60 MW uninterruptible power supply (UPS) system is almost complete, as shown in the foreground 59,000 tonnes of unsold copper in concentrate in inventory
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Commissioning of 178 MW Turbine #5 at the Inga II hydroelectric dam in underway, significantly boosting domestically generated hydroelectric power 60 MW SOLAR FACILITY WITH BATTERY STORAGE 178-MEGAWATT INGA II TURBINE REFURBISHMENT COMPLETE Refurbishment of 178-MW Turbine #5 at Inga II hydroelectric dam completed in October, including energization and grid synchronization Kamoa-Kakula to receive an initial additional 50 MW of power from November; ramping up to 150 MW over time as transmission improvement initiatives are completed Replacement of the resistor banks in Q2 2025 and Q1 2026 to improve voltage stability The Inga II hydroelectric facility consists of 8 turbines. Kamoa Copper has been working with DRC state utility SNEL to refurbish Turbine #5 24 SubstationTurbine #5
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60 MW OF ADDITIONAL GREEN POWER FROM Q2 2026 Study work has commenced to expand on-site solar facilities to 120 MW Two 30-MW on-site solar facilities with battery storage are under construction 25 Aerial view of the construction site of Kamoa- Kakula’s 60-MW on-site solar plant & substation Scheduled for completion in Q2 2026; facility to supply up to 20% of Kamoa- Kakula’s energy requirements
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32,490 42,736 41,788 57,200 85.07% 87.93% 85.22% 89.36% Q4 2024 Q1 2025 Q2 2025 Q3 2025 120 151 153 169 31.7% 32.2% 33.4% 37.8% Q4 2024 Q1 2025 Q2 2025 Q3 2025 2025 production guidance is maintained at 180,000 - 240,000 tonnes of zinc in concentrate Kipushi concentrator produced 141,724 tonnes of zinc during the first nine months of 2025; production rates to continue to improve as further backup power installed Zinc in concentrate produced (tonnes) / Zinc recovery (%) Ore tonnes milled (‘000’s tonnes) / Zinc ore grade processed (%) KIPUSHI DEBOTTLNECKING COMPLETE Kipushi concentrator milled record 168,862 tonnes of ore at an average grade of 37.8% zinc, producing a record 57,200 tonnes of zinc at a recovery close to 90% (Figures shown on 100% basis for Kipushi) 26 Path to exceed 250,000 tonnes of zinc in concentrate per annum from 2026
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0% 5% 10% 15% 20% 25% 30% 35% 40% 0 100 200 300 400 500 600 Zn Head Grade(%) Paid Zn Production (Kt) Paid Zn Production (Kt) Zn Head Grade(%) KIPUSHI: ONE OF THE WORLD’S LARGEST ZINC MINES Debottlenecking program increases processing capacity by 20%; complete ahead of schedule and under budget 27 Multiple concentrator records achieved in the latter half of the third quarter since debottlenecking program complete World’s top 10 zinc mines in 2024 by paid zinc production (‘000 tonnes) with head grade (% zinc) Weekly production record set of 6,064 tonnes of zinc; equivalent to 315,000 tonnes of zinc on an annualized basis Source: Capital IQ, 2025, Ivanhoe Mines. Kipushi production based on annualized Q3 2025 production, dotted red box represents Kipushi’s weekly production record set in Q3 2025, post completion of debottlenecking; peer data is 2024 reported actuals where available. (Figures shown on 100% basis for Kipushi)
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PLATREEF PHASE 1 FIRST PRODUCTION Phase 1 first step of a three-phase expansion plan to make the Platreef Mine one of the world’s largest and lowest cost producers of platinum, palladium, rhodium, and gold, with significant copper and nickel credits 28 First feed of platinum-palladium-nickel- rhodium-copper-gold ore into the Phase 1 concentrator took place on October 29, 2025 The first production of concentrate is expected in mid-to-late November Mining crews developing in Flatreef orebody since May; development ore to be used in Phase 1 ramp up until Shaft #3 commissioned
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PLATREEF SHAFT #3 EQUIPPING WELL ADVANCED (L - R) The headframes from Platreef Mine’s Shaft #1 and Shaft #3 29 Shaft #3 ready to hoist from Q1 2026; stoping (production mining) from early Q2 2026. Shaft #3 to increase total hoisting capacity to 5.0 Mtpa, unlocking the Phase 1 ramp-up and future Phase 2 ramp up
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PHASE 2 DEVELOPMENT UNDERWAY Completed Shaft #2 headframe 30 Phase 2 expansion activities are already underway; EPCM contractor for mine and concentrator appointed Construction of Shaft #2 head frame complete; Shaft #2 to support Phase 2 operations from Q4 2028 (men & materials) and future Phase 3 expansion Slype and line contract awarded; widening Shaft #2 from 3.1m to 10m diameter to start in Q2 2026
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-- 500 1,000 1,500 2,000 2,500 3,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Platreef Metals Price Basket ($/oz) Platinum Palladium Rhodium Gold THE RIGHT TIME FOR THE WORLD’S BEST NEW PRODUCER OF PLATINUM, PALLADIUM, RHODIUM & GOLD (Figures shown on 100% basis for Platreef) 31 NPV8% of Phase 2 FS and Phase 3 PEA increased by 40% – 45% to $2.1 billion and $4.6 billion, respectively. The metals basket price for the Platreef Mine has recovered from cyclical lows to over $1,900 / ounce Spot prices of platinum and palladium have risen by approx. 80% and 60%, respectively year to date Platreef Mine’s metal basket price ($ / ounce) Notes: Phase 2 life of mine total cash costs are net of by product credits from copper and nickel. 3PE+AU = platinum, palladium, rhodium and gold Phase 2 total cash cost $599 per ounce 3PE+AU Platreef Mine’s spot basket price $1900 per ounce 3PE+AU
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MAKOKO DISTRICT CONTINUES TO GROW WITH EXPLORATION 32 Drilling since the May Resource update
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TARGETING WESTERN -FORELAND -STYLE COPPER IN ZAMBIA & ANGOLA Zambia (100%-owned) Angola (100%-owned) ▪ 22,000 km² licence package ▪ 600 km² baseline soil geochemical and ground-based geophysical programs complete ▪ 2 drill rigs mobilized for 6,400- metre program; drilling to start in Q4 2025 33 ▪ 7,757 km² licence package ▪ Acquired historical geophysical and geological data from previous operators; analysis underway ▪ Initiated stakeholder engagements for completion of Environmental Project Briefs across licence area ▪ Drilling to start after rainy season in Q2 2026
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KAZAKHSTAN: A NEW COPPER HORIZON 16,780 km2 licence package (7 times larger than Western Forelands) The exploration JV team collecting and analyzing diamond drill core from the drill rig (in the background) 34 Exploration JV formed to explore the Chu-Sarysu Sedimentary Copper Basin; earn in rights to 80% Maiden 17,500-metre diamond drilling program commenced in Q3 2025; two holes completed Visible copper mineralization in drill core
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MANAGEMENT Q&A Q3 FINANCIAL RESULTS 35