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www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF Q2 2026 FINANCIAL RESULTS July 30, 2026
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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 for any representations regarding information conta ined in, or for any omission from, this presentation or any other written or oral communications transmitted to the reader except as required by law. The information contained in this presentation is not inv estment or financial product advice and is 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 can 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, any securities of Ivanhoe or any financial instruments related thereto in any jurisdiction. Forward-Looking Statements Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as “may” , “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “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 the company’s current expectations regarding future events, performance, and results and speak only as of the date of this release. Such statements include, without limitation: (i) statements that Kamoa-Kakula’s onside PV facility is expected to be fully ramped up and delivering a continuous baseload of 60 MW to the copper complex by the end of Q3 2026; (ii) statements that by the end of 2027, Kamoa-Kakula is expected to be supplied with approximately 120 MW of continuous baseload power by the on-site facilities; (iii) statements that during Q3, concentrator recoveries are expected to improve, and that depending on feed grade, concentrator recoveries are expected to increase to between 90% and 95%; (iv) statem ents that Kipushi’s PV facility is expected to be operational in Q2 2028; (v) statements that Kipushi’s 2026 production is on pace for it to become one of the top three zinc mines in the world in 2026; (vi) statements that mining rates at Platreef are expected to ramp up through H2 2026 and that commercial production is now expected in Q4 2026; (vii) sta tements that Phase 2 is expected to increase production by more than four times, to over 450,000 ounces of platinum, palladium, rhodium, and gold (3PE + Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper; (viii) statements that Shaft #2 is expected to be ready to hoist labour and materials by the end of 2028 and ore by the end of 2029; (ix) statements that an updated Mineral Resource estimate for Western Forelands is expected to be released in September 2026; (x) statements that copper production rates in H 2 2026 are expected to be boosted by both higher mining rates across the Kamoa mines (Kamoa 1 and Kansoko), as well as the destocking of copper concentrates held in inventory, and that mining rates across the Kamoa mines are planned to increase by 30% to 700,000 tonnes per month; (xi) statements that a further 700 metres of decline development is required before reaching the orebody, which is expected in Q1 2027; (xii) statements that ore feed into the Phase 1 and 2 concentrators in H2 2026 will continue to come predominantly from the western side of Kakula at a rate of approximately 400,000 tonnes per month at a grade of approximately 2.7% copper and that w ith the mining rate at Kamoa expected to increase from 6.5 Mtpa to 8.5 Mtpa by the end of Q3 2026, the additional 2 Mtpa of ore mined, at an average grade of 2.5% copper, will be processed by the Phase 1 and 2 concentrators; (xiii) statements that stoping at Kakula is expected to commence in H2 2027; (xiv) statements that it is expected that by year-end, the average development rate at Kamoa and Kakula will increase to approximately 128 metres of advance per development drill rig per month; (xv) statements that the smelter is expected to ramp up to its full capacity of 500,000 tonnes per annum in 2028; (xvi) statements that any unspent capital in 2026 will likely be deferred to H1 2027; (xvii) statements that commercial production at Platreef is expected in Q4 2026; and, (xviii) statements with respect the company’s tightened 2026 production guidance range at Kamoa-Kakula of 290,000 to 310,000 tonnes of copper.” Also, all of the results of the Kamoa-Kakula MRE, the Platreef IDP 2025 feasibility study and the Kipushi 2022 feasibility study constitute forward-looking statements or information and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula Copper Complex, Platreef Project and Kipushi Mine, and the exploration of the Western Forelands Exploration Project, the Mokopane Feeder Exploration Project and the Chu-Sarya Basin Exploration JV, the company has based its assumptions and analysis on certain factors that 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 explorat ion; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems ; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and producti vity 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 oper ations; and (xix) the consistency and availability of electric power. 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 factors discussed above and under the “Risk Fa ctors” heading in the company’s MD&A for the three- and six-months ended June 30, 2026, 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; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or res ults that would justify and support 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, th e 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 the factors outlined in the “Risk Factors” section in the company’s MD&A for the three- and six-months ended June 30, 2026, 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 of the non-GAAP financial performance measures used in this presentation, please refer to the detailed reconciliation to the most directly comparable measure under IFRS, located in Ivanhoe’s MD&A for the period ending June 30, 2026. 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 an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Copper Complex, the Kipushi Mine and the Platreef Mine, each of which is available on the company’s website and under the company’s SEDAR+ profile at www.sedarplus.ca: The Kamoa-Kakula Mineral Reserve and Mineral Resource Technical Report, dated March 31, 2026, was prepared by AMC Mining Consul tants South Africa (Pty) Ltd and MSA Group (Pty) Ltd. The Kipushi 2022 Feasibility Study, filed on March 4, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and METC Engineering. The Platreef Integrated Development Plan 2025, filed on March 28, 2025, prepared by OreWin Pty Ltd., Mine Technical Services, SRK Consulting Inc., DRA Projects (Pty) Ltd, and Golder Associates Africa. 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 contained 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 have been reviewed and approved by Simon Bottoms, who is considered, by virtue of his education, experience and professional association, a Qualifie d Person under the terms of National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Bottoms is not considered independent under NI 43-101 as he is Ivanhoe Mines’ Executive Vice President, Technical Services. Mr. Bottoms 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 prese ntation.
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New hybrid solar facility, with battery storage, is ramping up to deliver 60 MW of continuous power to Kamoa-Kakula by the end of Q3 3 OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman
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New Kahala Box Cut at Kamoa Q2 2026 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer
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64,328 tonnes Copper produced (1) (Kamoa - Kakula) SECOND QUARTER HIGHLIGHTS $2.84 per pound Cash cost (C1) (2) (Kamoa - Kakula) $179 million Adj. EBITDA (Ivanhoe Mines) 5 Kamoa - Kakula copper production rates set to increase in H2; 2026 copper production guidance tightened to 290kt – 310kt Notes: EBITDA and cash cost (C1) 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. (1) From 2026 onwards, copper production in anode and blister produced consists of copper production from Kamoa-Kakula’s on-site smelter, as well as toll-treated Kamoa-Kakula concentrate at the LCS smelter in Kolwezi. Production also includes slag concentrate produced by Kamoa-Kakula’s smelter that is sold to third parties and not reprocessed by either the on-site smelter or by LCS. (2) U.S. dollars per payable pound of copper in saleable product produced 70,177 tonnes Zinc produced ( Kipushi ) Kamoa-Kakula H1 2026 cash cost (C1) of $2.70/lb. within guidance; margins supported by $0.42/lb. smelter benefit Kipushi produced a record 70,177 tonnes of zinc in Q2 2026 at a cash cost (C1) of $0.90/lb. (Project figures are shown on 100% basis, US dollars) First power delivered from 60-MW hybrid solar (PV) facility with battery backup to Kamoa-Kakula; ramp-up underway Kamoa-Kakula sold 120 kt of sulphuric acid at an average price of $465/t; July contracts up to ~$840/t, +100% YTD Western Forelands Mineral Resource upgrade expected in September; Makoko discovery continues to grow
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HEALTH, SAFETY & SUSTAINABILITY INITIATIVES 6 Second classroom with 12 computers for E- Learning-based training technology was implemented and functional end of Q2 26 Centre of Excellence now has several heavy machinery simulators for operators to learn in a controlled environment Conducting training on Visible Felt Leadership (VFL), where leaders are highly visible on the frontline to actively train team Updated underground traffic management plan implanted and shared with all operators to improve underground safety
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GROWING MINING SUCCESS IN THE DRC 7 7% year - on - year increase in copper production to 3.2 Mt in 2025, producing 14% of the world’s copper DRC issued inaugural $1.25 billion sovereign Eurobond in April 2026 ; Positive Credit Outlook per S&P; B-/B Rating Copper production in DRC has increased by >300% in the past 10 years cementing position as world’s second largest producer The DRC is the 2nd largest global copper exporter; 40% of Congolese GDP is directly from the mining industry(1) Long term partnerships: Government of DRC is a 20% shareholder of Kamoa-Kakula & Gécamines is 38% shareholder of Kipushi (1) Source: USGS, 2024
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Q2 2026 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer Run-of-mine stockpiles of ultra-high-grade zinc ore ahead of processing through the Kipushi concentrator 8
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KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (1) Payable copper is contained copper sold, net of payability. Up until December 31, 2025, the payability for copper sold in concentrate is 96.7%; thereafter, the payability of copper sold in anode or blister is 99.7% (2) Revenue includes remeasurement of contract receivables, which was +$33 million in Q2 2026, -$10 million in Q1 2026, +$83 million in Q4 2025, +$11 million in Q3 2025 & +$6 million in Q2 2025. . 101.7 61.5 78.5 66.6 61.2 54 59 50 40 40 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $875 $566 $866 $862 $880 $4.34 $4.42 $4.98 $5.79 $5.99 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Payable Copper Sold(1) (kt) / End of Quarter Copper in Inventory (kt) Quarterly Revenue(2) ($ million) / Realized Copper Price ($/lb.) Payable copper sold lower than Q1 , copper inventories of 40,000 tonnes to be destocked in H2 2026; revenues boosted by higher average copper price Q2 revenue includes ~$56 million in high - strength sulphuric acid sales (Figures shown on 100% basis for Kamoa-Kakula, US dollars) 9
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KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS $1.89 $2.62 $2.99 $2.58 $2.84 11% 13% 11% 18% 20% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $325 $196 $331 $397 $385 37% 35% 38% 46% 44% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash cost (C1) increased due to higher processing & smelter operating costs; partially offset by sulphuric acid by - product credits. 2026 guidance of $2.60/lb. to $3.00/lb. maintained Cash Cost (C1) ($/lb.) / Power costs as % of cash cost EBITDA ($ million) / EBITDA Margin (%) 10 Q2 2026 EBITDA of $385 million; EBITDA margin of 44% Notes: “EBITDA”, “Adjusted EBITDA”, “EBITDA margin”, and "Cash cost (C1)“ are non -GAAP financial performance measures. For a det ailed description of each of the non-GAAP financial performance measures used herein and a detailed reconciliation to the most d irectly 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 six-months ended June 30, 2026. (Figures shown on 100% basis for Kamoa-Kakula, US dollars) $0.26/lb. quarterly increase in cash cost (C1), $0.18/lb. of which is due to higher diesel prices
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MARGINS BOOSTED BY KAMOA-KAKULA SMELTER 11 $2.81 $(0.36) $(0.31) $(0.08) $0.33 $(0.03) $0.13 $0.21 $2.70 H2 2025 By-product credits Logistics charges TC, RC and Tolling Smelter G&A Processing Mining H1 2026 Total savings of $0.75/lb. in logistics charges, sulphuric acid by-product credits & treatment charges more than offsets $0.33/lb. in smelter operating costs Cash Cost (C1) Waterfall between H2 2025 and H1 2026 (US$/lb.) (Figures shown on 100% basis for Kamoa-Kakula) At 60% capacity, the smelter delivered ~$0.42/lb. in cost savings, excluding additional $0.07/lb in road & export tax savings(1) Notes: Chart shows the cost impact of the on-site Kamoa-Kakula copper smelter operations by comparing the average cash cost (C1) over H2 2025 with H1 2026. The smelter commenced operations on December 29, 2025 and is currently ramped up to 60% capacity. Kamoa-Kakula only exported copper anodes in H1 2026. Taxes are not included in the cash cost (C1) calculation. Cash cost (C1) is a 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. U.S. dollars per payable pound of copper in saleable product produced. TC = treatment charges, RC = refining charges. (1) Taxes are not included in the cash cost (C1) calculation ~$0.42/lb. net benefit from smelter
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KAMOA-KAKULA DIESEL IMPACT ON CASH COST (C1) $0.26/lb. quarterly increase in cash cost (C1), $0.18/lb. of which is due to higher diesel prices 2.24 2.32 0.34 0.52 Q1 2026 Q2 2026 C1 excluding Diesel Cost of Diesel in C1 12 Breakdown of H1 2026 Cash Cost (C1) 2.60 2.10 2.00 2026 Guidance 2027 Guidance 2028 + 2026 Cash Cost (C1) Guidance vs. 2027 & 2028 ($/lb.) 3.00 2.50 Large increase in Q3 2026 sulphuric acid contracts to ~$840/t will help offset higher diesel price in H2 2026 70% of C1 increase attributable to elevated diesel prices +0.08/lbs H1: $2.70
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KAMOA-KAKULA: Q2 2026 EBITDA WATERFALL Quarter-on-quarter decrease in EBITDA due to lower tonnes sold but offset by realized copper price 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 (1) Copper price on provisionally priced sales. $397 $43 $33 $7 ($4) ($33) ($58) $385 EBITDA Q1 2026 Remeasurement of contract receivables Copper price Acid sales Logistics, treatment & refining charges Operating cost & other Tonnes sold EBITDA Q2 2026 Quarter on Quarter EBITDA Waterfall (US$ million) (Figures shown on 100% basis for Kamoa-Kakula, US$ million) 13 (1) Destocking of unsold copper inventory to take place in H2 2026
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KIPUSHI: ANOTHER OUTSTANDING QUARTER Kipushi delivered a cash cost (C1) of $0.90/lb. at mid- point of full-year guidance range 2026 cash cost (C1) guidance maintained at $0.85 – $0.95/lb. of payable zinc Kipushi generated $146 million in revenue and $51 million in EBITDA in Q2 at a margin of 35% $97 $129 $138 $162 $146 $1.23 $1.27 $1.44 $1.47 $1.58 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $9 $27 $44 $58 $51 10% 21% 32% 36% 35% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue ($ million) / Realized Zinc Price ($/lb.) 14 EBITDA ($ million) / EBITDA Margin (%) Despite record quarterly zinc production, sales lagged due to logistics constraints; unsold zinc in inventory increased by 14,000 tonnes, which will be realized in H2 2026 Kipushi generated operating cash flow of $94 million in H1 2026
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15 IVANHOE MINES’ NET FINANCIAL RESULTS (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. $123 $87 $138 $191 $179 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $35 $31 $40 -$2 $46 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) Ivanhoe Mines’ net profit for Q2 2026 of $46 million was driven by profit of $27 million at Kipushi and increased share of profit from Kamoa-Kakula joint venture of $16 million Adjusted EBITDA in Q2 impacted by lower sales at Kipushi and supported by higher commodity prices Ivanhoe Mines’ profit after tax is net of expenditure on exploration projects, the budget of which was upsized in early Q2 from $90 million to $126 million for 2026 Ivanhoe Mines’ Profit After Tax (US$ million)
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16 STRONG TREASURY AND LIQUIDITY MAINTAINED $750 million 7.875% debut senior unsecured notes due 2030 trading since January 23, 2025 Figures as at June 30, 2026; all values in US$ million Notes are bid at 100.750 to yield 7.542%(1) 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. (1) Source: Bloomberg, July 28, 2026 Ivanhoe Mines’ credit rating & outlook: B– Stable B Stable $754 $635 Q1 2026 Q2 2026 $1,313 $1,474 Q1 2026 Q2 2026 2.44x 2.48x Q1 2026 Q2 2026 Pro-rata net debt to adjusted EBITDA (LTM) Ivanhoe Mines Cash and cash equivalents Ivanhoe Mines Pro-rata net debt
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17 CAPITAL PROJECTS ON TRACK Kamoa-Kakula expansion capital ~75% on accelerated mine development activities and ~25% completing smelter, power, Project 95 Capital Expenditure YTD 2026 Actual 2026 Guidance 2027 Guidance Kamoa-Kakula Expansion capital 347 600 – 850 300 – 450 Sustaining capital 245 500 – 550 450 – 500 Total 592 1,100 – 1,400 750 – 950 Platreef Phase 2 expansion capital 150 350 – 380 380 – 420 Kipushi Sustaining capital 29 60 35 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 six - months ended June 30, 2026 . $700 million Platreef senior project capital facility closed; $87 million drawn in July (Figures shown on 100% basis, US$ millions) 2026 and 2027 capex guidance unchanged
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OPERATIONS & PROJECT UPDATE Project 95 modifications to the Phase 1 & Phase 2 concentrators, which were commissioned in June 2026 Simon Bottoms, EVP Technical Services 18 Tom van den Berg, Chief Operating Officer Steve Amos, EVP Projects
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KAMOA-KAKULA: CONCENTRATOR PRODUCTION 3,622 3,456 3,374 3,108 2,986 3.58% 2.47% 2.35% 2.32% 2.39% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 112,009 71,266 69,416 61,906 61,134 85.4% 82.7% 85.7% 85.6% 87.4% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Copper in concentrate produced (tonnes)(1) / Combined copper recovery (%) Total ore tonnes milled (‘000’s tonnes)(1) / Combined copper ore grade processed (%) (Figures shown on 100% basis for Kamoa-Kakula) 19 Phase 3 concentrator continues to mill at >25% above design capacity, equivalent to a milling rate of 6.3 Mtpa Project 95 commissioning complete; concentrator recoveries boosted from Q3 (1) Excludes tonnes milled and copper in concentrate produced by the smelter’s slag flotation plant that temporarily operated in Q3 and Q4 2025 Phase 1 & 2 concentrators operated at approx. 60% capacity of 10.5 Mtpa, due to ongoing turnaround of Kakula Mine Phase 1 & 2 concentrator feed grade and recoveries improved in Q2 following depletion of surface stockpiles and increased mining rates at Kamoa + Kakula; mining rates set to improve further in H2
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500,000-TONNE-PER-ANNUM SMELTER AT 60% CAPACITY 20 On-site smelter is the largest copper smelter in Africa, operating at ~60% of capacity since mid-February Kamoa-Kakula’s smelter & anode yard Kamoa-Kakula produced 64,328 tonnes of blister and anode(1) in Q2 2026 ~10,000 tonnes of unsold copper to be destocked in H2 2026; targeting year-end inventory(2) of 25,000 to 30,000 tonnes (1) From 2026 onwards, copper production in anode and blister produced consists of copper production from Kamoa-Kakula’s on-site smelter, as well as toll-treated Kamoa-Kakula concentrate at the LCS smelter in Kolwezi. Production also includes slag concentrate produced by Kamoa-Kakula’s smelter that is sold to third parties and not reprocessed by either the on-site smelter or by LCS. (2) At the end of the second quarter, there were approximately 40,000 tonnes of unsold copper in inventory, which was unchanged f rom the end of the first quarter Further ramp-up of smelter in-line with as Kamoa-Kakula mining rates increase
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RAMP UP OF COPPER PRODUCTION TO 500,000TPA 21 71 69 62 64 Q3A Q4A Q1A Q2A Q3 Q4 Q1 Q2 Q3 Q4 2028+ Kamoa-Kakula copper smelter commences production 2026 production guidance: 290kt – 310kt(3) 9 ~500 ktpa from 2028 2027 production guidance: 380kt – 420kt Mining rate at Kamoa increases as stoping commences, additional mining crews deployed + new Kahala box cut Mining rate at Kamoa increases with ramp up of new Kansoko Sud box cut Mining rate at Kakula increases as stoping commences Copper in finished saleable products(2) Destocked copper conc. from inventory(1) Destocking of up to 10kt of copper inventory (originally planned in Q2 2026) 202720262025 Notes: Figures shown on a 100% basis. Bars in grey are an indication of forecasted quarterly copper production and are not official guidance (1) At the start of 2026, there were approximately 50,000 tonnes of copper contained in concentrate held in inventory. Excess inventory to be destocked during 2026. (2) 2025 production is reported as contained copper in concentrate. Production reported from 2026 onwards is reported as copper in anode, blister or concentrate held for sale. (3) 2026 production guidance revised on July 29, 2026 to 290kt – 310kt (previously 290kt – 330kt)
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SULPHURIC ACID SALES BENEFITING FROM TIGHT MARKET 22 Sulphuric acid & sulphur market remain tight in DRC due to reduced supply of sulphur passing through the Strait of Hormuz, coupled with import constraints Sulphuric acid load-out facility at the Kamoa-Kakula smelter Q2 2026 sulphuric acid realized price was $465 per tonne; 2026 cash cost (C1) guidance assumed $400 - $500 per tonne Q3 2026 contracts priced 80% higher than Q2 at approx. $840 per tonne
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STUDY SLIDE… 23 2027 KAMOA-KAKULA UPDATED LIFE OF MINE PLAN 250,000-metre drill program started in July; results to inform updated geotechnical and hydrological models; up to 12 diamond drill rigs to be mobilized Trade-off studies underway to improve ore extraction rates and operational efficiency of Kamoa & Kakula Engineers from Kamoa-Kakula and operators from drilling contractor Rubatek, standing in front of a diamond drill rig drilling at Kakula 23 Work has commenced on the recommendations from the 2026 Kamoa-Kakula MRE from March 31, 2026
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60 MW OF CONTINUOUS BASELOAD SOLAR POWER Plans advancing to double on-site solar power capacity with battery storage to 120 MW First 15 MW delivered to Kamoa- Kakula in July; ramping up to 60 MW of continuous power by end of Q3 24 Aerial view of Kamoa-Kakula’s hybrid solar (PV) facility with battery storage, the largest of its kind in Africa Power purchase agreement signed for 30-MW facility from Q3 2027; tender to be awarded for additional 30-MW facility in Q3 2026 New solar facilities significantly reduce reliance on diesel-generated power, lowering operating costs
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Kipushi produced a record 70,177 tonnes of zinc in Q2 2026 41,788 57,200 61,444 65,044 70,177 85.22% 89.36% 87.71% 90.63% 91.91% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 153 169 194 197 201 33.4% 37.8% 36.2% 37.0% 38.7% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Zinc in concentrate produced (tonnes) / Zinc recovery (%) Ore tonnes milled (‘000’s tonnes) / Zinc ore grade processed (%) KIPUSHI SET FOR A RECORD YEAR Kipushi milled a record 200,774 tonnes of ore in Q2 at an average grade of 38.7% zinc (Figures shown on 100% basis for Kipushi) 25 Multiple concentrator records achieved in Q2 2026, including recoveries averaging nearly 92% and 25,634 tonnes of zinc produced in May Tender for hybrid solar (PV) facility with battery storage, providing 10 MW of constant power from Q2 2028 set to be awarded in Q4 2026 Production guidance unchanged at 240,000 – 290,000 tonnes; set to be world’s third-largest zinc mine in 2026
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PLATREEF’S SHAFT #3 COMPLETE Shaft #3 winder house (left) and headframe (right) in June 2026 Shaft #3 was completed on schedule in late Q1 2026; stoping (production mining) of Flatreef orebody began in late Q2 2026 Shaft #3 to expands hoisting capacity, unlocking the Phase 1 ramp-up and future Phase 2 expansion 26
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ADVANCING TOWARDS PHASE 2 EXPANSION Ivanplats’ Projects team celebrating the groundbreaking of the Phase 2 concentrator site on April 9, 2026 27 Construction of the Phase 2 concentrator; on target for completion in Q4 2027 Widening of Shaft #2 underway; Shaft #2 ready to hoist men & material from late 2028, supporting Phase 2 and future Phase 3 expansion Platreef’s 3-phase expansion plan to make one of the world’s largest and lowest cost producers of platinum, palladium, rhodium & gold, with significant copper & nickel credits
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2024 WORK PLAN2026 WESTERN FORELANDS DRILL PROGRAM 96,000m drill program planned for 2026; Largest ever in Western Forelands Updated Western Forelands Mineral Resource Estimate planned for September, as community relocation program nears completion 28 Map of the 3 focus areas for the 2026 Makoko District drill program, to increase the size and confidence of the discovery Three Focus Areas of Makoko District drilling: 1 Testing southern extension around Kitoko 2 Infill drilling between Makoko West & Central 3 Testing eastern extension of Makoko Central 2 3 1 Footnotes are in the see the appendix Major expansion of the 2026 drill program under consideration for in-fill drilling Makoko District footprint continues to expand; Makoko now within 8km of Kakula West
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DRILLING CONTINUES ON NEW HORIZONS Moxico and Cuando Cubango Angola (100%-owned) ▪ Targeting Western-Foreland- style sedimentary copper mineralization ▪ 6,400-metre, 12-hole stratigraphic drill program started in late 2025 using 2 diamond core drill rigs Chu-Sarysu Basin JV Kazakhstan (20%-owned)* ▪ Exploration JV formed to explore a license area of 16,708 sq km (>7x times larger than Western Forelands) ▪ Further investment of $20 million to expand diamond drill program to 40,000 metres Exploration Team inspects the drill rig on site in Angola Field Mapping outcrops in the Glubokey District in Kazakhstan *earn - in rights up to 80% 29 North-Western Province Zambia (100%-owned) ▪ Exploration package 3x larger than the Western Forelands ▪ 7,000-metre diamond drilling program across 14 holes planned for dry season; drilling commenced in May Visit to His Royal Highness Chief Kalunga’s Palace
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MANAGEMENT Q&A Q2 FINANCIAL RESULTS 30 Kamoa team member celebrating DRC Independence Day on June 30th, 2026
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APPENDIX 31 2 3 1 Footnotes for image used on Slide 27: i. All intercepts calculated use a 1 % copper cutoff and are uncapped; minimum intercept width is 3 metres; no internal dilution. The true width of the intercepts is uncertain at this stage. ii. The grades intercepts results for Makoko District have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re- checked by senior management. Sample preparation and analyses are conducted by ALS Johannesburg, an independent laboratory. Procedures are employed to ensure the security of samples between delivery from the drill rig to the laboratory. The quality assurance procedures, data verification, and assay protocols used in connection with drilling and sampling in the Western Forelands Exploration Project conform to industry- accepted quality control methods.