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www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF Q3 2026 FINANCIAL RESULTS November 4, 2026
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DISCLAIMER AND FORWARD -LOOKING STATEMENTS The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanhoe”) 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 cash costs are expected to trend lower than $2.50 per pound prior to the Phase 4 expansion, (ii) statements that sulphuric acid prices are expected to remain elevated for the foreseeable future, (iii) statements that Kamoa-Kakula full-year production expected to be approximately 290,000 tonnes of copper in saleable products; (iv) statements regarding Kamoa-Kakula’s 2027 production guidance of 300,000 – 350,000 tonnes of copper and steady-state capacity, using the existing Phase 1, 2 & 3 concentrators, reducing to 400,000 – 450,000 tonnes of copper; (v) statements that pre-stripping of first starter pits to start in Q1 2027, with first ore expected in Q3 2027; (vi) statements that Phase 4 expansion to upgrade production capacity of Kamoa-Kakula to approximately 500,000 tonnes per annum, that the timeline to deliver Phase 4 expansion from approval is 18 -24-month and that detailed engineering design for the Phase 4 expansion is expected to commence in Q1 2027; (vii) statements that the Kamoa-Kakula’s on-site hybrid solar photovoltaic facility with battery energy storage system is expected to significantly reduce the diesel used by on-site backup generators; (viii) statements with respect to the company’s 2026 production guidance for the Kipushi Mine being 270,000 to 290,000 (previously 240,000 to 290,000) tonnes of zinc in concentrate, which is expected to make Kipushi one of the top three zinc mines in the world; (ix) statements that the Kipushi hybrid solar PV facility is expected to be operational by mid 2028; (x) statements that Phase 2 operations at Platreef are expected to have a design capacity of 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; (xi) 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; (xii) statements that year-end copper inventories at Kamoa- Kakula are expected to be between 35,000 and 40,000 tonnes; (xiii) statements with respect to C1 cash cost guidance for Kamoa -Kakula of $2.50 to $3.00 per payable pound; (xiv) statements that the Kamoa-Kakula Copper Complex is expected to include mining fr om open pits to support underground operations, that pre-stripping of Kamoa open pits is expected to commence in Q1 2027, that by the end of 2028, approximately 3.5 million tonnes of ore at an av erage grade of 2.5% is expected to have been mined from the open pits and that pre-stripping of two additional starter pits at Kamoa will start by the end of 2028; (xv) statements that the Phase 4 expansion is expected to have a capital intensity of approximately $9,000-$12,000 per tonne of annualized copper production, including development of the supporting open pit operations, and is expected to sustain Kamo a-Kakula’s copper production at approximately 500,000 tonnes per annum; (xvi) statements with respect to the company’s capital expenditures guidance for 2026 and 2027; (xvii) statements that the Solar PV facility at Kamoa-Kakula will be designed to provid e 10 MW of continuous baseload power, providing approximately 50% of the Kipushi Mines’ energy requirements and that the facility is expected to be commissioned and operational in Q2 2028; (xviii) statement s that in the fourth quarter, Kipushi Corporation is expected to upstream excess cash from the DRC subsidiary to Ivanhoe Mines; (xix) statements with respect to Kipushi’s 2026 guidance of 270,000 to 290,000 tonnes of zinc; (xx) statements that the Phase 2 expansion at Platreef is expected to complete in Q4 2027 and fully ramp up in Q4 2028; (xxi) statements that the stoping of higher-grade stopes is also expected to ramp up in Q4 2026 at Platreef; and (xxii) statements that shaft equipping is expected to commence in Q1 2028, shaft #2 is expected to be ready to hoist labour and materials by the end of 2028 and ready to hoist ore by the end of 2029, supporting both the steady-state operations of Phase 2, as well as the future Phase 3 expansion. 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 Factors” heading in the company’s MD&A for the three- and nine-months ended September 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 c ompany 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 nine-months ended September 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”, “EBITDA 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 substitut e 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. 2
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Kamoa-Kakula’s new on-site hybrid solar facility with battery storage, which is now delivering 60 MW of continuous baseload power OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
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Widening of Platreef’s Shaft #2 from a diameter of 3.1 metres to 10.0 metres. Once complete, Shaft #2 will be the largest shaft in Africa. Q3 2026 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer 4
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5 He will be deeply missed by his colleagues and friends, and our thoughts and heartfelt condolences are with his family and loved ones Ivano played an instrumental role in Ivanhoe Mines success, including key roles at Kamoa - Kakula , Platreef and Kipushi Most recently Ivano oversaw the rebirth of the historic Kipushi Mine, into one of the largest, lowest carbon - intensive and safest zinc operations in the world In memory of Ivano Manini Ivano Manini 12 October 1965 – 31 October 2026
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76,401 tonnes Copper produced (1) (Kamoa - Kakula ) THIRD QUARTER HIGHLIGHTS $3.00 per pound Cash cost (C1) (2) (Kamoa - Kakula ) $241 million Adj. EBITDA (Ivanhoe Mines) Kamoa - Kakula 2026 production to be ~290kt of copper in saleable products; 2027 guidance revised to 300kt-350kt 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 & high-grade fines produced by Kamoa-Kakula that cannot be smelted on-site or at LCS, that is designated for sale to third parties (2) U.S. dollars per payable pound of copper in saleable product produced 77,147 tonnes Zinc produced (Kipushi) Kamoa-Kakula YTD 2026 cash cost (C1) of $2.80/lb. within guidance; margins supported by $0.47/lb. smelter benefit Kipushi produced a record 77,147 tonnes of zinc in Q3 at a cash cost (C1) of $0.91/lb; guidance narrowed to 270-290kt (Project figures are shown on 100% basis, US dollars) 60 MW hybrid solar facility ramped up, generating significant diesel savings; plans to increase capacity to 120 MW by late 2027 and 150 MW by early-2028 Kamoa-Kakula sold 109kt of sulphuric acid at an average price of $915/t; Q4 contracts over $900/t, +100% YTD Western Forelands Resource grew 30% to 12.1Mt; Ranks as the largest & highest-grade discovery of the past decade 6
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ONE IVANHOE, ONE ROAD TO ZERO Campaign consists of a three - phase strategy : gap analysis, implementation and verify/audit Group Performance Scorecard set TRIFR target of below 1.90 (2026 YTD 2.00); ICMM 2025 industry average is 2.21 Initial focus is to improve training, implementation of fatal risk control protocols (FRCP) and safety culture in the areas of high occupational risk, such as 1) fall of ground & 2) handling of equipment Ivanhoe Mines launched a group-wide health & safety initiative to implement a cross-asset safety culture & actively address key on-site risks 7 Campaign: Zero Harm. Healthy People. Every Shift. No task is so urgent that it cannot be done safely TRIFR = Total Recordable Injury Frequency Rate measured in total recordable injuries per million man-hours worked ICMM = International Council on Mining and Metals
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8 KAMOA -KAKULA MINE PLAN UPDATE Simon Bottoms, EVP Technical Services
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STUDY SLIDE…THE FUTURE OF KAMOA-KAKULA Life-of-mine plans introduce high-grade, shallow open pit mining to complement underground mines Refreshed operating plan introduces significantly de-risked and flexible ore mix and reduces over-reliance on Kakula turnaround Achieves full concentrator capacity at 17 Mtpa with recoveries at ~90% by second half of 2027 Provide foundation for Phase 4 concentrator expansion to increase steady- state copper production to 500,000 tonnes Maximise utilisation of available smelter capacity producing copper anodes and sulphuric acid Fully integrated, flexible and de-risked top-tier copper producer 9
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UPDATE ON KAKULA TURNAROUND STRATEGY Mature Extraction Zone (>70%) Stoping blocks Inferred Pillar Mineral Resource Area Kakula North Portal Western section Kakula South Portal Scale: 2 kilometres Q1 development slower than anticipated; development rates for Q2 & Q3 were on target Mining of first high-grade copper stopes in east delayed to 2028 Kakula development rates increased 30% since Q1 2026 All marginal ore >0.3% from periphery development drives is currently being fed to Phase 1 & 2 concentrators 10
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STUDY SLIDE…INTRODUCTION OF KAMOA OPEN PITS Approx. 3.5 million tonnes of sulphide ore at an average grade of 2.5% expected from open pits by end of 2028 11 Isometric view of the planned starter open pits Section view of the Kamoa 2 starter pits 1 & 2 Open pits add a scalable ore source, helping Kamoa rebuild stockpiles and improve operational flexibility Lowest cost source of ore on the Kamoa- Kakula complex Mineralisation exposed only 50m below surface and; maximum depth of starter pits <90m Benefit from additional sulphur content
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UNLOCKING PRODUCTION FLEXIBILITY AT KAMOA-KAKULA Notes: Production Figures shown on a 100% basis. 2026 production guidance revised to approximately 290,000 tonnes of saleable copper, (previously 290kt – 310kt) Pre-stripping of Kamoa open pits begins in Q1 2027, with first ore targeted for Q3 2027 Kamoa-Kakula will introduce shallow, high- grade open pits add mining from open pits to support underground operations 0 4 8 12 16 20 2026 2027 Pre-Phase 4 Capacity Annual Mill Feed (millions of tonnes) Kakula Underground Kamoa Underground Kamoa Open Pit 300kt - 350kt 400kt - 450kt 2.2 - 2.9% 2.3 - 2.5% 2.8 - 3.0% 2.3 - 2.8% 2.6 - 2.8% 3.4 - 3.6% 290kt 2.3 - 2.5% 2.1 - 2.4% Mill Feed Ore by Source and Head Grades Copper Production Range 2027 copper production guidance revised to 300,000 to 350,000 tonnes of copper All full capacity, the existing Phase 1, 2 and 3 concentrators target production of 400,000 to 450,000 tonnes of copper 12
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2029 & BEYOND: PHASE 4 PROVIDES PATHWAY TO 500 KTPA 13 Phase 4 footprint Phase 3 design anticipated a similarly sized Phase 4 Synergies with existing Phase 3 crushing circuit and pre-completed earthworks reduce Phase 4 capital Phase 4 expansion is expected to add an additional 5.0 – 6.5 million tonnes per annum. Detailed engineering to commence Q1 2027; 18 to 24 month construction timeline from approval
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OPEN PITS TO BE AMONG HIGHEST-GRADE GLOBALLY -- 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 50 150 250 350 450 Copper Grade Copper Production (kt) Global Open Pit Copper Mines (>50kt Production) Potential Kamoa open pit production Steady state open pit ore tonnes targeting ~40% of feed post Phase 4 expansion Multiple shallow open pit footprints provides production flexibility Substantially lower cut- off grade and higher extraction rate than underground Expected to have lower operating cost and sustaining capital than underground Source: S&P Global; annual copper production capped at 450kt 14
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Q3 2026 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer Phase 1 & 2 Concentrators at Kakula (foreground) adjacent to the 500,000-tonnes-per-annum copper smelter (background) 15
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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 was 96.7%; thereafter, the payability of copper sold in anode or blister is 99.7% (2) Revenue includes high-strength sulphuric acid sales and remeasurement of contract receivables, which was +$21 million in Q3 2026, +$33 million in Q2 2026, -$10 million in Q1 2026, +$83 million in Q4 2025 & +$11 million in Q3 2025. (3) Includes approx. 6,900 tonnes of copper fines added to inventory in Q3 2026. . $566 $866 $862 $880 $1,034 $4.42 $4.98 $5.79 $5.99 $6.12 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 61.5 78.5 66.6 61.2 67.0 59 50 40 40 43 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Payable Copper Sold(1) (kt) / End of Quarter Copper in Inventory(3) (kt) Quarterly Revenue(2) ($ million) / Realized Copper Price ($/lb.) Record quarterly revenue from increased tonnes sold and higher copper prices , including $101 million in high - strength sulphuric acid sales Copper inventories increased with the addition of 6,900 tonnes of high - grade copper fines, which have been designated for sale as at the end of Q3 2026 (Figures shown on 100% basis for Kamoa-Kakula, US dollars) 16
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KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS $2.62 $2.99 $2.58 $2.84 $3.00 13% 11% 18% 20% 23% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $196 $331 $397 $385 $478 35% 38% 46% 44% 46% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash cost (C1) increased due to lower grades mined and higher energy costs; partially offset by sulphuric acid by - product credits; 2026 guidance of $2.60 - $3.00/lb. maintained (2026 YTD $2.80/lb.) Cash Cost (C1) ($/lb.) / Power costs as % of cash cost EBITDA ($ million) / EBITDA Margin (%) Highest quarterly EBITDA for Kamoa - Kakula since Q1 2025 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 nine-months ended September 30, 2026. (Figures shown on 100% basis for Kamoa-Kakula, US dollars) 23% of Q3 cash cost (C1) related to power; improvement expected with new hybrid solar facility 17
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MARGINS BOOSTED BY KAMOA-KAKULA SMELTER $2.81 $(0.46) $(0.30) $(0.10) $0.39 -- $0.17 $0.29 $2.80 H2 2025 By-product credits Logistics charges TC, RC and Tolling Smelter G&A Processing Mining YTD 2026 Total savings of $0.86/lb. in logistics charges, sulphuric acid by-product credits & treatment charges more than offsets $0.39/lb. in smelter operating costs Cash Cost (C1) waterfall between H2 2025 and YTD 2026 (US$/lb.) (Figures shown on 100% basis for Kamoa-Kakula) At 60% capacity, the smelter delivers ~$0.47/lb. in cost savings 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 YTD 2026. The smelter commenced operations on December 29, 2025 and is currently ramped up to 60% capacity. 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 ~$0.47/lb. net benefit from smelter 18 At full capacity, smelter fixed costs will be spread over a higher production volume
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KAMOA-KAKULA DIESEL IMPACT ON CASH COST (C1) $0.16/lb. quarterly increase in cash cost (C1), of which $0.09/lb. from higher diesel prices $2.24 $2.32 $2.39 $0.34 $0.52 $0.61 Q1 2026 Q2 2026 Q3 2026 C1 excluding Diesel Cost of Diesel in C1 Breakdown of YTD 2026 Cash Cost (C1) $2.60 $2.50 <$2.50 2026 Guidance 2027 Guidance 2028 + 2026 Cash Cost (C1) Guidance vs. 2027 & 2028 onwards ($/lb.) $3.00 $3.00 On - site 60 MW significantly reduces diesel consumption, generating savings of $0.10 - $0.20/lb. from Q4 onward $0.27/lb. of cost increase since Q1 attributable to elevated diesel prices +$0.08/lb. YTD: $2.80 +$0.07/lb. 19
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KAMOA-KAKULA: Q3 2026 EBITDA WATERFALL Quarter-on-quarter increase in EBITDA due to higher copper price, copper sales and high-strength sulphuric acid sales at higher prices $385 $59 $41 $36 ($12) ($12) ($19) $478 EBITDA Q2 2026 Copper price Acid sales Tonnes sold Remeasurement of contract receivables Operating cost & other Logistics & TC + RCs EBITDA Q3 2026 EBITDA and C1 cash cost are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A (1) Copper price on provisionally priced sales. Quarter on Quarter EBITDA Waterfall (US$ million) (Figures shown on 100% basis for Kamoa-Kakula, US$ million) (1) 43,000 tonnes of unsold copper in inventory; targeting steady-state inventory level of 25,000 tonnes 20
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KIPUSHI: RECORD SALES, BUT MORE TO COME $129 $138 $162 $146 $255 $1.27 $1.44 $1.47 $1.58 $1.73 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue ($ million)(1) / Realized Zinc Price ($/lb.) 21 49.7 48.1 54.9 43.4 69.4 20 20 30 44 42 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Revenue includes remeasurement of contract receivables, which were +$12 million in Q3 2026, +$9 million in Q2 2026, +$1 million in Q1 2026, +$4 million in Q4 2025 & +$1 million in Q3 2025. (2) Payable zinc in concentrate sold is net of standard 85% payability. Payable zinc sold (tonnes)(2) / End of Quarter Zinc in Inventory Logistics constraints eased during Q3 reducing on-site stocks by >60% compared with Q2; provisional revenue not yet received from destocked inventory Further destocking expected in the fourth quarter as zinc prices continue to trade over $1.70/lb., well above multi-year highs Kipushi sold a record 69,384 tonnes of payable zinc Kipushi generated a record $255 million in revenue as a result of record zinc sold and higher zinc prices
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KIPUSHI RECORD EBITDA AND COST DISCIPLINE 22 (Figures shown on 100% basis for Kipushi, US$ million) 2026 YTD Kipushi cash cost (C1) of $0.89/lb. at the mid-point of guidance ($0.85 – $0.95/lb. of payable zinc sold); Excellent cost discipline considering impact of diesel costs Year-to-date operating cash flow of $155 million Plans to start upstreaming excess cash from DRC subsidiary in Q4 2026 $0.95 $0.86 $0.86 $0.90 $0.91 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Cash Cost (C1) ($/lb.) Kipushi generated a record $255 million in revenue and $108 million in EBITDA in Q3 at a margin of 43% $27 $44 $58 $51 $108 21% 32% 36% 35% 43% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITDA ($ million) / EBITDA Margin (%) 10 MW imported grid power since October to further ease cost pressure from diesel gensets
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IVANHOE MINES FINANCIAL RESULTS $87 $138 $191 $179 $241 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $31 $40 -$2 $46 $45 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) The Company's attributable share of EBITDA from the Kamoa-Kakula joint venture is calculated using the Company’s effective shareholding in Kamoa Copper SA (39.6%), Ivanhoe Mines Energy DRC SARL (49.5%), Kamoa Holding Limited (49.5%) and Kamoa Centre of Excellence (49.5%). EBITDA and adjusted EBITDA are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A. Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) Ivanhoe Mines’ net profit for Q3 2026 of $45 million was driven by profit of $47 million at Kipushi and increased share of profit from Kamoa-Kakula joint venture of $25 million Ivanhoe Mines’ net profit is net of expenditure on exploration projects, the budget of which was upsized in early Q2 from $90 million to $126 million for 2026, Q3 2026 spend $43m Ivanhoe Mines’ Net Profit (US$ million) 23
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CAPITAL EXPENDITURE GUIDANCE Capital Expenditure YTD 2026 Actual 2026 Guidance 2027 Guidance Kamoa-Kakula Expansion capital(1,3) 413 600 – 675 500 – 650 Sustaining capital 384 500 – 520 450 – 500 Total 797 1,100 – 1,200 (previously 1,100 – 1,400) 950 – 1,150 (previously 750 – 950) Platreef Expansion capital(2) 275 415 – 445 (previously 350 – 380) 455 – 495 (previously 380 – 420) Kipushi Sustaining capital 48 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 nine - months ended September 30, 2026 . (1) Expansion capital guidance at Kamoa-Kakula for 2026 and 2027 can be attributed 75% to accelerated mining development works, ventilation and dewatering infrastructure, and 25% to completion of smelter, power and Project 95 initiatives. (2) Expansion capital guidance at Platreef is attributed to capitalisation of Phase 1 operations up until commercial production a nd Phase 2 construction activities (3) Capital expenditure excludes capitalized pre - stripping estimated to be $100 million to $200 million. $700 million Platreef senior project capital facility closed in April; $187 million drawn in Q3 (Figures shown on 100% basis, US$ millions) Upper end of Kamoa-Kakula’s 2026 capex guidance range lowered by $200m and deferred to 2027 Capex guidance for Platreef increased to account for the weaker dollar vs. ZAR and additional costs capitalized as the Phase 1 concentrator has yet to reach commercial production 24
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STRONG TREASURY AND LIQUIDITY MAINTAINED $750 million 7.875% debut senior unsecured notes due 2030 trading since January 23, 2025 Figures as at September 30, 2026; all values in US$ million Notes are bid at 98.83 to yield 8.289%(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, October 27, 2026 Ivanhoe Mines’ credit rating & outlook: B– Stable B Stable $635 $643 Q2 2026 Q3 2026 $1,474 $1,691 Q2 2026 Q3 2026 2.48x 2.26x Q2 2026 Q3 2026 Ivanhoe Mines Cash and cash equivalents Ivanhoe Mines Pro-rata net debt Pro-Rata Net Debt to Adj. EBITDA (TTM) 25 Pro-Rata Net Debt to Adj. EBITDA is 1.75x using Q3 2026 annualized Adj. EBITDA
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OPERATIONS & PROJECT UPDATE Project 95 modifications to the Phase 1 & Phase 2 concentrators delivered record recoveries in Q3, with further improvements expected in Q4 Alex Pickard, EVP Corporate Development Tom van den Berg, Chief Operating Officer Steve Amos, EVP Projects 26
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KAMOA-KAKULA QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Mining and milling rates at 12-month high, equivalent to 14 Mtpa; driven by improved mining rates at both Kamoa and Kakula (1) Total contained copper in saleable products includes anodes produced by Kamoa-Kakula’s on-site smelter, concentrate toll- treated at the LCS smelter, as well as slag concentrate and high-grade fines produced by Kamoa-Kakula that cannot be smelted on- site or at LCS, designated for sale to third parties. Phase 1, 2 & 3 concentrators are expected reach 100% capacity from mid-2027 3,456 3,374 3,108 2,986 3,493 2.47% 2.35% 2.32% 2.39% 2.22% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 71,266 69,416 71,417 64,328 76,401 117,871 112,307 118,638 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total ore tonnes milled (‘000’s tonnes)(1) / Combined copper ore grade processed (%) Copper output in saleable products (tonnes)(1) / High-strength sulphuric acid production (tonnes) 27 Improved utilization of the Phase 1 & 2 concentrators to 70% capacity of 10.5 Mtpa capacity; Phase 3 concentrator operating at 6.5 Mtpa, well above nameplate Mining rates increased 20% quarter-on- quarter to over 14 Mtpa, driven by 84% increase in stoping
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PROJECT 95 HAS DELIVERED RECORD RECOVERIES 28 Recoveries at the Phase 1 and 2 concentrators have improved by approximately 5% Concentrator recoveries averaged 89% in Q3, with a record 92% achieved over two weeks in mid-October Modifications made to Phase 1 and 2 concentrators to increase copper recovery are now yielding significant recovery improvements Project 95 modifications to the Phase 1 & Phase 2 concentrators were commissioned in June 2026
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500,000-TONNE-PER-ANNUM SMELTER AT 60% CAPACITY On-site smelter is the largest copper in Africa, operating at ~60% of capacity since mid-February Kamoa-Kakula’s smelter & anode yard Kamoa-Kakula produced 76,401 tonnes of copper in saleable products(1) in Q3 2026 (1) Copper in saleable products includes anodes produced by Kamoa-Kakula’s on-site smelter, concentrate toll-treated into blister at the LCS smelter, as well as slag concentrate and high-grade fines produced by Kamoa-Kakula that are designated for sale to third parties as they are unable to be smelted on-site or at LCS. Prior to 2026, total contained copper consists of copper in concentrate by the Phase 1, 2 and 3 concentrators. (2) At the end of the third quarter, there were approximately 43,000 tonnes of unsold copper in inventory, which was unchanged fr om the end of the first quarter 29 35-day scheduled shutdown in mid-Q2 2027 for safety and efficiency upgrades Kamoa-Kakula had approx. 43,000 of unsold copper in inventory at the end of Q3 2026
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60 MW OF CONTINUOUS BASELOAD SOLAR POWER Two PPAs signed to increase on-site solar power capacity with battery storage to 120 MW by end of 2027 and additional 30 MW by mid-2028 On-site hybrid solar (PV) facility with battery backup, fully ramped up delivering 60 MW of baseload power to Kamoa-Kakula operations Aerial view of Kamoa-Kakula’s hybrid solar (PV) facility with battery storage, the largest of its kind in Africa Compared with July, on-site generator diesel consumption fell by 40% in September 30 Installed capacity of solar is 433 MWp, which provides a 60 MW base load with battery backup
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SULPHURIC ACID SALES BENEFITING FROM HIGH PRICES Sulphuric acid & sulphur market remains tight in DRC due to reduced supply of sulphur passing through the Strait of Hormuz, coupled with import constraints Engineers inspecting the acid plant at Kamoa-Kakula’s copper smelter Q3 2026 realized sulphuric acid price of $915 per tonne (+100% year to date) October sales averaged $950 per tonne; 3-month contracts from November priced at over $900 per tonne 31 Production rates of high-strength sulphuric acid from Kamoa-Kakula smelter averaging 40,000 tonnes per month; 60% capacity on 700kt per annum
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57,200 61,444 65,044 70,177 77,147 89.4% 87.7% 90.6% 91.9% 96.0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 169 194 197 201 194 37.8% 36.2% 37.0% 38.7% 41.6% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Kipushi produced a record 77,147 tonnes of zinc in Q3 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 193,581 tonnes of ore in Q3 at a record average grade of 41.6% zinc (Figures shown on 100% basis for Kipushi) Multiple concentrator records achieved in Q3 2026, including recoveries averaging over 96% and 26,560 tonnes of zinc produced in July Tender for hybrid solar (PV) facility with battery storage, providing 10 MW of constant power from Q2 2028 set to be awarded in Q1 2027 Production guidance trimmed to upper-end range to 270,000 – 290,000 tonnes; set to be world’s third-largest zinc mine in 2026 32
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PLATREEF ADVANCING TO COMMERCIAL PRODUCTION Aerial of the Platreef mine site with the Phase 2 concentrator area at the bottom of the image 33 Shaft #2 Shaft #1 Shaft #3 Phase 2 Concentrator Construction Site Dry Stack TSF Construction of the Phase 2 concentrator began in Q2 2026; on target for completion in Q4 2027 Widening of Shaft #2 underway; Shaft #2 to hoist men & material in late 2028, supporting Phase 2 and future Phase 3 expansion Phase 1 concentrator set to reach nameplate milling capacity in early 2027 Phase 1 Concentrator Shaft #3 is ramping up; expands hoisting capacity to fully unlock the Phase 1 concentrator and future Phase 2 expansion
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WESTERN FORELANDS: LARGEST & HIGHEST-GRADE COPPER DISCOVERY OF PAST DECADE Source: Company filings, S&P Global Market Intelligence Notes: Chart ranks new copper discoveries made since 2015 based on contained copper in resources, on a 100% basis. Data source is S&P Global Market Intelligence article, dated August 27, 2026. Mineral Resource estimates for the Western Forelands include the Makoko District (consisting of Makoko, Makoko West, Kitoko) as well as Kiala at a 1.0% cut-off grade. Western Forelands data has not been reviewed by S&P Global. Discovery is defined by the date of the first drill hole in the past 10 years; resource figures reflect the latest Mineral Resource estimate. Top 10 Copper Discoveries of the Past Decade -- 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Copper Grade in Resources (%) Contained Copper Resources (Mt) Contained, M&I Contained, Inferred Grade, M&I (%) Grade, M&I (%) 2015 2021 2015 2017 2017 2022 2017 2020 2019 20182026 Mineral Resource increases contained copper by 30% Makoko District Indicated Mineral Resources now 34 million tonnes at 2.66% copper, plus Inferred Mineral Resources of 612 million tonnes at 1.80% copper (MSO method) Industry-leading cost of discovery: <$10 per tonne of high-grade copper (<$0.005 per pound of copper) 34
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Makoko Kitoko 2024 WORK PLANWESTERN FORELANDS GROWTH STORY CONTINUES… 43,000-metre drill program planned for growth drilling across Western Forelands in 2027 Mineralization remains open in multiple directions Map of the 3 focus areas for the 2026-27 Makoko District drill program, to increase the size and confidence of the discovery Three focus areas: Testing thick, +3% Cu zone down dip of Makoko West Testing un-drilled zone NE of Kitoko Testing strike extension of Makoko East where mineralization already identified at wider spacing 3 1 2 For image footnotes, see Ivanhoe Mines press release dated September 8, 2026 60,000 metres of drilling not included in the 2026 Mineral Resource estimate 3 1 2 35
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MAJOR, PHASED INFILL DRILL CAMPAIGN PLANNED 63,000 metres planned focusing on shallow sub cropping mineralization <200m depth potentially amenable to open pit mining 106,000 metres planned focusing on shallow high-grade <600m depth mineralization potentially amenable to initial underground Phase 1a Phase 2a Phase 2b Phase 3 Phase 1b ~90,000 metres pre- production infill drilling planned 36
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DRILLING CONTINUES ON NEW HORIZONS Chu-Sarysu Basin JV Kazakhstan (20%-owned)* ▪ 17,528 metres drilled through Q3 2026, of a 40,000 metre programme ▪ Notable intersect of weak chalcopyrite mineralization over 270m, from 670m – most significant sediment-hosted copper result discovered to date *earn - in rights up to 80% North-Western Province Zambia (100%-owned) ▪ Drill testing of geophysical targets progressing well in Q3 2026, with 5,961 metres completed ▪ Drilling has confirmed an iron ore-copper- gold (IOCG) hypothesis, including several intersections of trace-to-weak chalcopyrite across intervals of 100 to 150m from depths of 70 to 120m 37 GLB007 – green - grey bleached mudstone - argillite with weak chalcopyrite - bornite mineralisation Examples of core containing magnetite - hematite veins with pyrite - chalcopyrite
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MANAGEMENT Q&A Q3 FINANCIAL RESULTS An Aerial of Platreef with the Shaft #2 headframe, Africa’s largest, in the center 38
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39 APPENDIX Slide 35 chart footnotes 2026 Mineral Resource: Indicated Resources total 42 million tonnes at a grade of 2.66% copper, containing 1.1 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 612 million tonnes at a grade of 1.8% copper, containing 11.02 million tonnes of copper, within mineable shapes, optimized at a 1% copper cut- off.