Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (December 2025)
37 slides from Ivanhoe Mines Ltd. Class A's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION December 2025
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanhoe”) is confidential and has been prepared to assist the recipients hereof in conducting their own evaluation of Ivanhoe and does not
Slide 3: Ivanhoe at a Glance
IVANHOE AT A GLANCE 0 CORPORATE INFORMATION TSX: IVN LISTINGS OTCQX: IVPAF SHARE PRICE C$14.62 / share(1) MARKET CAP US$14.85 billion(1) SHARES, OPTIONS, Basic Shares: 1,419.6 million(2) RSUs, PSUs & DSUs Diluted Shares: 1,436.5 million(2) NET DEBT POSITION US$100.8 million(3) CITIC Metal 21.3% Ziji
Slide 4: A Leading Producer, Developer and Explorer
A LEADING PRODUCER, DEVELOPER AND EXPLORER OWNERSHIP: Operating Mines Exploration Projects KAMOA-KAKULA Ivanhoe Mines (39.6%) Zijin Mining Group (39.6%) Government of DRC (20%) Crystal River Global (0.8%) KAZAKHSTAN: Copper Copper OWNERSHIP: KIPUSHI Ivanhoe Mines (62%) Gécamines (38%) WESTERN FORELA
Slide 5: DRC: Awakening a Copper Giant
DRC: AWAKENING A COPPER GIANT 2nd largest global copper exporter As the host country, and as a shareholder of Kamoa Copper, the DRC sees this local value creation Abundant hydro-power capacity as a strategic imperative Median population age of 17 His Excellency Félix Tshisekedi, President of the Dem
Slide 6: Kamoa-Kakula
Kamoa-Kakula’s Phase 1 & 2 4.6-Mtpa- concentrators, with the Phase 3 5.0-Mtpa- concentrator in the distant background KAMOA-KAKULA The world’s fastest growing, highest grade and greenest major copper mine 6
Slide 7: Kakula Mine Seismic Event
KAKULA MINE SEISMIC EVENT When: 18 May 2025 – Kakula Mine. What: Underground tremor, caused by a sudden elastic energy release from pillars yielding in the central part of the eastern section. Smaller tremors continued to be felt for the following weeks Immediate Response: Mining operations halted,
Slide 8: Kamoa-Kakula Orientation
KAMOA-KAKULA ORIENTATION Seismic activity centred around Kakula operation; Kamoa and Kansoko mines and concentrators continue uninterrupted KAMOA 1 & 2 500 ktpa MINE PORTAL SMELTER KAKULA NORTH MINE PORTAL Kamoa & Kansoko KANSOKO Mines MINE PORTAL PHASE 1&2 CONCENTRATORS 9.2 Mtpa Outline of Kamoa Mi
Slide 9: Kakula Mine Workings in Context
KAKULA MINE WORKINGS IN CONTEXT Majority of the original Kakula deposit has not yet been mined, with Kakula West undeveloped Notes: Existing underground development as at May 2025. Illustration is based on the 2023 Kamoa-Kakula IDP showing the estimated average grade of each vertical stack of blocks
Slide 10: Kakula Mine: Area Mined Since 2021
KAKULA MINE: AREA MINED SINCE 2021 Kakula north Smelter twin decline Phase 1 & 2 concentrators Pre-seismic event: 50 million tonnes of Western ore reserves, of which approximately side two-thirds are on the Eastern side Eastern side Scale: 1 kilometre Kakula south twin decline 10
Slide 11: Recovery Plan: Dewatering Kakula Mine
RECOVERY PLAN: DEWATERING KAKULA MINE On track to deliver recovery plan in Plan view of Kakula Mine: Estimated decline in underground water place since June 2025 levels from early Nov (in light blue) to early Dec 2025 (in(dark blue) Stage One: install temporary pumping capacity to hold water levels
Slide 12: Stage Two Dewatering Pump Stations
STAGE TWO DEWATERING PUMP STATIONS Submersible pumps 1 & 2 commissioned late August Submersible pumps 3 & 4 commissioned mid-Sept 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 12
Slide 13: Kakula Mine: Underground Rehabilitation
KAKULA MINE: UNDERGROUND REHABILITATION A dewatered area BEFORE rehabilitation A dewatered area AFTER rehabilitation 13 13
Slide 14: Updated Medium and Long Term Mine Plans Underway
UPDATED MEDIUM AND LONG TERM MINE PLANS UNDERWAY Work commenced in Q2 2025 on a Target overall copper production comprehensive new life of mine design; rate from the complex to return to completion on track for Q1 2026 over 550 ktpa in the medium term Production guidance to be provided as dewatering
Slide 15: Kamoa-Kakula: Quarterly Production
KAMOA-KAKULA: QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes) / Phase 1 & 2 concentrators operating at 80% Combined copper ore grade processed (%) capacity; Kakula Mine head grades to improve from Q4 2025 as dewatering activities re-open 4.
Slide 16: Direct-to-Blister Smelter: Start Up in November
DIRECT-TO-BLISTER SMELTER: START UP IN NOVEMBER 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 >$50
Slide 17: Solar Facility and Inga II Turbine Refurbishment
60 MW SOLAR FACILITY 178-MEGAWATT INGA II TURBINE WITH BATTERY REFURBISHMENT STORAGE 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 Novemb
Slide 18: Increasing Diversification of Power Sources
INCREASING DIVERSIFICATION OF POWER SOURCES Dec 25 Dec 26 Dec 27 Dec 28 INCREASING RENEWABLE GENERATION SNEL (national grid) MW 110 180 210 210 278 MW of refurbishment hydropower from Turbine #5 Inga II from Q4 2025 Third party purchases MW 100 100 100 100 (Imports) 60 MW of on-site solar from mid-2
Slide 19: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 19
Slide 20: Western Forelands Overview
WESTERN FORELANDS OVERVIEW Same underlying geology licence area; as Kamoa-Kakula ~5x larger than Kamoa-Kakula’s mining rights Western Forelands’ licences are 60 - 100% owned by Ivanhoe Mines Over 48 million tonnes of copper discovered by Ivanhoe geologists since 2008 – over 2x global annual mine pro
Slide 21: Makoko District Ranks as World's Fifth Largest Copper Discovery Since 2015
MAKOKO DISTRICT RANKS AS THE WORLD’S FIFTH LARGEST COPPER DISCOVERY SINCE KAKULA IN 2015 45.0 3.00% Copper mineralization in the Contained Copper in Resources (Mt) Contained, M&I Makoko District spans a corridor 40.0 Copper Grade in Resources (%) Contained, Inferred 2.50% at least 13 km in length an
Slide 22: Makoko District Work Plan
2024 WORK MAKOKO PLAN DOUBLES IN SIZE OVER 18 MONTHS DISTRICT Copper mineralization across the Makoko District doubles to 13 km in length and between 1.7 km and 5.8 km wide Enlarged Mineral Resource based on 86,000 metres of drilling since the maiden Mineral Resource in December 2023 Within 8km of T
Slide 23: Drilling Commences into New Horizons
DRILLING COMMENCES INTO NEW HORIZONS Moxico and Cuando Cubango Chu-Sarysu Basin JV Angola (100%-owned) Kazakhstan (20%-owned, earn-in rights up to 80%) ▪ 22,000 km² licence package ▪ Exploration JV formed to explore the Chu-Sarysu Sedimentary Copper Basin ▪ 600 km² baseline soil geochemical & ground
Slide 24: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 24
Slide 25: Kipushi Debottlenecking Complete
KIPUSHI DEBOTTLNECKING COMPLETE (Figures shown on 100% basis for Kipushi) Kipushi concentrator milled record 168,862 Ore tonnes milled (‘000’s tonnes) tonnes of ore at an average grade of 37.8% / Zinc ore grade processed (%) zinc, producing a record 57,200 tonnes of zinc 37.8% at a recovery close to
Slide 26: Kipushi: One of the World's Largest Zinc Mines
KIPUSHI: ONE OF THE WORLD’S LARGEST ZINC MINES (Figures shown on 100% basis for Kipushi) Debottlenecking program increases World’s top 10 zinc mines in 2024 by paid zinc production (‘000 processing capacity by 20%; complete tonnes) with head grade (% zinc) ahead of schedule and under budget 600 Paid
Slide 27: Platreef Mine
PLATREEF MINE The right time for the world’s best new producer of platinum, palladium, rhodium & gold 27
Slide 28: Platreef Platinum-Palladium-Nickel-Rhodium-Copper-Gold Mine
PLATREEF PLATINUM-PALLADIUM-NICKEL-RHODIUM-COPPER-GOLD MINE Multi-generational resource with significant exploration upside Set to be one of the largest and highest margin primary PGM mines PGM Diversified commodity basket of precious metals, nickel and copper Ni Cu Phase 1 ramping up; Phase 2 devel
Slide 29: Platreef: What Makes the Flatreef Orebody Unique?
PLATREEF: WHAT MAKES THE FLATREEF OREBODY UNIQUE? 29 meters By way of visual comparison Khomanani Mine, Rustenburg Shaft 1 headframe, Platreef Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mecha
Slide 30: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 30
Slide 31: Platreef Phase 1 First Production
PLATREEF PHASE 1 FIRST PRODUCTION First feed of platinum-palladium-nickel- rhodium-copper-gold ore into the Phase 1 concentrator took place on October 29, 2025 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 platinu
Slide 32: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY 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
Slide 33: Platreef: To Be One of the Largest PGM Producers
PLATREEF: TO BE ONE OF THE LARGEST PGM PRODUCERS Global primary PGM producers ranked by platinum equivalent production Platreef 10.7 Mtpa (2) 2,000 Platinum Equivalent Production (koz) 1,800 Platreef 4.1 Mtpa (1) 1,600 1,400 1,200 Shaded area represents 1,000 by-product credits 800 600 400 200 0 Glo
Slide 34: Platreef: Lowest Cost = Profit Through the Cycle
PLATREEF: LOWEST COST = PROFIT THROUGH THE CYCLE Global primary PGM producer total cash cost + sustaining capital curve Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 Total cash cost + sustaining capital 1,750 ($ per oz of 3PE+Au) 1,500 1,250 1,000 750 10.7 Mtpa(2) 4.1 Mtpa (1) 500 Platreef Platr
Slide 35: Investment Highlights
29 Cu Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with a 2025 production guidance mines with low costs, low management team with an partners CITIC and Zijin net debt of $101 million as of 370kt – 420kt of copper capital intensity and established t
Slide 36: Growth Capex
GROWTH CAPEX (Figures shown on 100% basis, US$ million) YTD 2025 2025 2026 Kamoa-Kakula 2025 capital Capital Expenditure Actual Guidance Guidance expenditure range lowered by Kamoa-Kakula $100 million; 2026 guidance range raised by $100 million Phase 3 and other expansion capital 630 900 – 1,000 – S
Slide 37: Improved Consolidated Pro-Rata Financial Ratios
IMPROVED CONSOLIDATED PRO-RATA FINANCIAL RATIOS (Figures shown in US$ million) $750 million 7.875% debut senior Ivanhoe Mines’ credit ratings: unsecured notes due 2030; offering closed on January 23, 2025 B stable B stable Improved financial ratios; target Pro-rata total cash Pro-rata net debt to ad
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